Coronavirus Scenario By The OBR - Coming Soon!

At midday today we’ll publish results of a coronavirus scenario illustrating the possible effects on the economy and public finances of a 3-month shutdown and the Government’s policy responses. This is *not* a forecast, just 1 scenario of many that could unfold. #OBRcovidscenario pic.twitter.com/znxkoDXBOW

— Office for Budget Responsibility (@OBR_UK) April 14, 2020

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Bank of England Steps Up To The Plate - High Street Banks Take it on the Chin or be Forced to Take it Somewhere Else!

The Bank of England has stepped up to the plate, and the government is set to borrow billions of pounds from its emergency Bank of England overdraft to finance the fight against Covid-19.

The government will draw money from the Bank's "ways and means" facility to help workers and businesses.

It has not used the facility since the financial crisis in 2008.

The ways and means facility will give the government a temporary cash buffer as it seeks to raise unprecedented amounts to deal with the coronavirus outbreak.

Now given that the Bank of England is doing its bit, it is high time that the high street banks did their bit for individuals and businesses in need of cash during this time.

This will of course mean that their directors probably won't be able to afford to award themselves bonuses etc, as the bottom line will inevitably take a hit ie the banks will have to take it on the chin. However, let us remember that the taxpayer bailed these banks out in 2008 to the tune of billions (and they have done pretty well since).

Therefore my advise to the high street banks is simple:

Voluntarily take it on the chin, or be forced to take it somewhere else!

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Kudos To My Bank!

via GIPHY

Kudos to my bank for responding so quickly to the Bank of England's stimulus package wrt Covid19.

They have reduced the interest rate on my savings account from 0.1% to 0.01%.

However, they have inexplicably forgotten to follow the FCA directive wrt zeroising interest on overdrafts or implementing a debt repayment holiday.

How very odd!

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Debenhams Goes Under

Major UK department store founded in 1778 goes bust https://t.co/lbdgc7MtbA

— MineForNothing (@minefornothing) April 6, 2020

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Don't Trust The Banks

So after being Furloughed until June 1st, I just applied for a 3 month break on my Natwest Loan. After being accepted I was told it will give me an adverse credit score.

The government said they had an agreement with banks around deferral of payments. Clearly this was a lie!

— Richard (@Richardmassey82) April 3, 2020

NB: The FCA has told the banks that breaks in loan payments etc WILL NOT be allowed to affect people's credit scores!

Where a bank says that they will affect your credit score:

1 Tell the bank they are wrong, and

2 Report them to the FCA

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#AskRishi

I'll be answering your questions tomorrow on the measures in place to protect jobs and businesses during coronavirus. Submit them by commenting below using #AskRishi

— rishisunak (@RishiSunak) April 2, 2020

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FCA Orders Loan and Credit Card Payments Freeze

The FCA has announced plans to freeze loan and credit card payments for up to three months as part of emergency measures for consumers impacted by the coronavirus outbreak.

The measures could come into force as soon as 9 April. The Financial Conduct Authority said the process was being fast-tracked “given the national emergency and the significant impact on consumers’ finances right now”.

It is aimed at consumers and renters who are not benefiting from existing relief measures that have targeted homeowners – with mortgage payment holidays – or business owners.

The proposals include a temporary freeze on loan and credit card payments for consumers who are facing financial difficulties as a result of the outbreak.

The FCA said consumers who were at risk of having their credit cards suspended because of the regulator’s new affordability rules would not lose access to their accounts.

Lenders would also have to waive interest charges on arranged overdrafts up to £500 over the same period, which would extend relief already announced by some banks including Barclays, HSBC and Lloyds.

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Bank of England Knocks Banks' Heads Together

Quite rightly the Bank of England has told banks not to pay any dividends (amounting to £8bn) during the current Covid-19 emergency, in order to:

-shore up the banks' reserves,
-send a signal to the markets and
-ensure that the banks don't have the excuse of limited funds when granting loans during this period.

The Bank of England has also asked the banks to forego bonuses, it is not yet clear whether the banks heard that request!

As a result of this, banks' shares have nosedived and dragged the FTSE down with them. However, this fall in the FTSE is likely only temporary once people see that the banks play their role in supporting businesses and individuals during this crisis...we hope!

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The China V Recovery

Whoosh - that's what I call a 'V'

China manufacturing PMI back above 50-mark in March pic.twitter.com/Ri54baaZNb

— Tom Orlik (@TomOrlik) March 31, 2020

This being Chinese data, I would take it with a pinch of snuff!

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Bean is Right

NEW:

Former Deputy Governor [for monetary policy] of the Bank of England Sir Charles Bean, says it would be “entirely appropriate for the Bank of England to help out by buying some [UK Govt bonds] – directly from the government in the primary market”...https://t.co/OaTYb3SbIv

— Faisal Islam (@faisalislam) March 31, 2020

These measures are temporary and necessary.

There will be no hyperinflation.

As and when the restrictions are lifted, we will enter the roaring twenties.

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UK Housing Market Put on Hold

The UK government has in effect suspended the country’s property market, stopping estate agents from marketing new homes and banning visits to those already for sale, as it seeks to contain the coronavirus outbreak.

The government’s move on Thursday evening followed calls from banks to freeze the market. In talks between lenders and ministers, banks have expressed concern about the impact of the pandemic on valuations.

They are also concerned about granting credit when the economy is in freefall, according to senior bankers.

They have told ministers it has become impossible to survey properties, according to people briefed on the discussion. Bank call centres have also been inundated with anxious homeowners requesting mortgage holidays.

The government had already urged buyers and sellers to delay moving unless it was unavoidable for “contractual reasons”.

Yesterday, it went further, saying no visitors were allowed into properties while the ‘stay-at-home’ measures were in force, including estate agents, surveyors or potential buyers. The edict in effect blocks any new transactions taking place after the current round of pending completions.

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Ocado Has Crashed

@Ocado crashed 

 

Clean up on aisle five!

It looks like the Ocado website is having a little bother, but don’t panic — we’ll have everything up and running again in no time.

It’s probably best to go back and try again, or you can call our Customer Service team on 0345 656 1234

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Rishi's Self Employment Life Raft

Applies to self employed only, not Ltd companies:

- Maximum amount paid £2500/month for 3 months

- It is taxable

- Maximum profits £50K per annum

- Based on average of last 3 years monthly profits max 80%

- No money until June

- Payments backdated to 1 March

- Use the government backed loan facility, mortgage/rent holiday and universal credit in the meantime to cover the period up until June

- HMRC will contact you if you are eligible
 
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Banks Being Banks - Who Would Have Thought It!?

Banks have been criticised by firms and MPs for insisting on personal guarantees to issue government-backed emergency loans to business owners. 

The requirement loads most of the risk that the loan goes bad on the business owner, rather than the banks.

It means that the banks can go after the personal property of the owner of a firm if their business goes under and they cannot afford to pay off the debt.

Their main home would be protected but the bank could go after other assets.

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The $6 Trillion Dollar Relief Package

National Economic Council Director Larry Kudlow says the coronavirus relief package will be $6 trillion https://t.co/KQ4PiXdNRb pic.twitter.com/lHGFL3nxrR

— CBS News (@CBSNews) March 24, 2020

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