Pensions & Investments (February 2)
“Money managers in Europe still expect the U.K. economy to contract, despite the Bank of England’s latest 50-basis-point rate hike and a more subdued inflation forecast.”
Tags: 50-basis-point, BOE, Contract, Economy, Europe, Forecast, Inflation, Money managers, Rate hike, Subdued, U.K.
Wall Street Journal (February 1)
“Despite record-high case numbers, the U.K. and other governments across Europe responded to Omicron with lighter restrictions than any previous wave of the virus, allowing businesses to remain open.” Moreover, individuals and businesses have “adapted to restrictions, minimizing the effects.” As a result, economic growth in Europe has slowed far less than during previous surges.
Tags: Businesses, Cases, Economic growth, Europe, High, Individuals, Omicron, Open, Record, Restrictions, Slowed, U.K., Virus
Wall Street Journal (January 13)
“The U.K. appears to have passed the peak of the latest wave of Covid-19 caused by Omicron, a promising sign that the highly transmissible variant’s impact may be brief, if intense, and fueling optimism that the pandemic may be waning.”
Tags: Brief, COVID-19, Impact, Intense, Omicron, Optimism, Pandemic, Peak, Promising, Transmissible, U.K., Variant, Wave
Wall Street Journal (October 28)
The U.K. dialed back government stimulus for the fast growing British economy, one of the first big Western economies to step away from the emergency policies put in place to tackle the coronavirus pandemic.” The shift is being spurred by “a buoyant growth outlook and concern over surging inflation,” which is “expected to accelerate to around 5% next year, more than double the BOE’s 2% goal.”
Tags: Buoyant, Concern, Coronavirus, Emergency policies, Fast growing. British economy, Government, Growth, Inflation, Outlook, Pandemic, Stimulus, Surging, U.K.
Wall Street Journal (March 13)
“Regulators are pressuring Wall Street to do away with the London interbank offered rate by year-end. Companies are still making the switch.” The Federal Reserve is pushing the Secured Overnight Financing Rate (SOFR) as a replacement, but “the U.S. is running behind the U.K. and Europe, where investment firms and companies have been faster to transition to alternative rates,” including the Sterling Overnight Index Average (Sonia).
Tags: Europe, Fed, Investment firms, LIBOR, Regulators, Replacement, SOFR, Transition, U.K., U.S., Wall Street
Bloomberg (January 24)
“The world economy is facing a tougher start to 2021 than expected as coronavirus infections surge and it takes time to roll out vaccinations…. Double-dip recessions are now expected in Japan, the euro area and U.K. as restrictions to curb the virus’s spread are enforced.” Advanced economies are “beginning on a weak note and emerging economies diverging.”
Tags: 2021, Coronavirus, Double-dip recessions, Economy, Emerging, EU, Infections, Japan, Surge, U.K., Vaccinations
NBC News (January 1)
“Millions of us feel a great sense of loss. Our divorce from the European Union will hinder the freedom of movement of people — and ideas.” While it is “a relief that a deal to govern U.K.-E.U. relations post-divorce was done at all,” the deal did not deliver new freedoms. Essentially it achieved “a loss of freedoms, quite the opposite of what we were promised.”
Wall Street Journal (December 17)
“Who wins from Brexit? New York.” No matter how “current negotiations between the U.K. and EU end, U.S. swap exchanges stand to gain European business.”
Tags: Brexit, Business, EU, Gain, Negotiations, New York, Swap exchanges, U.K., U.S., Wins
Time (September 22)
“England’s COVID-19 reopening went terribly wrong.” Britain hit 4,422 new cases on September 19, “the most in a single day since late May, when the country was still under national lockdown. The vast majority of those new cases (3,638) were in England…. On Monday, the government’s scientific advisors warned on television that, at current rates, the U.K. could be recording as many as 50,000 new cases per day by mid-October.”
Wall Street Journal (August 13)
“The U.K. recorded a steeper second-quarter contraction than its peers, suffering the worst economic hit from the coronavirus in Europe as well as reporting the highest death toll there.” Great Britain’s GDP “shrank 20.4% in the second quarter, equivalent to an annualized rate of 59.8%,…. In the same period, U.S. and German output declined by around 10%, while Italy lost 12%, France 14% and Spain 19%.”
Tags: Contraction, Coronavirus, Death toll, Economic hit, Europe, France, GDP, Germany, Italy, Output, Peers, Suffering, U.K., U.S.