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March 2020

Disclaimer :
"Any views or opinions expressed in these blogs are solely those of the author and might not represent those of Access Credit Management Limited."

Global Economic Growth Could Drop By Half Due to Coronavirus

It has been reported that the worldwide economy could grow at its slowest rate in a decade. The Organisation for Economic Cooperation and Development (OECD) has confirmed that the coronavirus outbreak could see this number halved in 2020.

The Prediction

The OECD has revised its predictions for economic growth in 2020 to 2.4%. This would mark a drop from the 2.9% registered in November of last year. It would also be the slowest growth rate seen since 2009.

The UK Financial Services Industry Left Out of EU Talks

Negotiations have begun between the UK and EU on the terms of their future relationship. However, it has been confirmed that the country’s huge financial services sector will not be a major discussion point.

The Full Details  

Talks on the future of the trading relationship between the UK and the remaining EU countries started this week in Brussels. This should help to define many issues, but not that of the financial services industry. 

Black Monday Is Followed by Bleak Retail News

Experts are still analysing the possible effects of the market meltdown on Black Monday. The worst day in the markets since the financial crisis saw share prices in London drop by 8%.

The coronavirus outbreak and falling oil prices are largely to blame for the nervousness in the global financial markets. However, what are the reasons for the poor retail news that has now come out?  

The Overall Picture

Global Financial Markets in Turmoil Over Coronavirus Outbreak

Rising fears over the global coronavirus outbreak have led to a meltdown in financial markets all over the planet. With the situation changing regularly, travel restrictions from the US and fears of similar precautions in other countries have caused travel companies in particular to suffer.  

The Latest Stock Market News

Business Leaders Urge the UK Government to Help During Crisis

With stock markets tumbling and many businesses forced to close their doors temporarily, there have been calls for the British government to do more to help out firms that are struggling due to the coronavirus crisis. From airlines to pubs and from cinemas to fashion stores, there is a long list of businesses that simply can’t carry on with business as normal while travel restrictions and social distancing plans are in place.

Who Has Spoken Out?

The Pound Falls to Its Lowest Against the Dollar Since the Mid-80s

Amidst the chaos of the coronavirus impact, the Pound has fallen to its lowest level in decades. It has crashed against the USD and other foreign currencies after one of the worst runs in recent history.

The Full Details

The last time that GBP was this low against the USD, the UK’s first mobile phone network had just been launched and Neighbours had just debuted on Australian TV. It was back in 1985, with Ronald Reagan and Margaret Thatcher in charge that we last saw such a poorly-performing Pound.

PMI Figures Suggest Deep Recession but Pound and FTSE Showing Signs of Recovery

As the UK ramps up its lockdown to try and get the coronavirus outbreak under control, the country’s purchasing managers’ index (PMI) has dropped to a record low. However, the FTSE 100 and Pound Sterling showed some signs of improvement as the new measures across the country came in to place.

The Full PMI Details

An Overall Look at the Economic Impact of the Coronavirus Outbreak

A study by a British think-tank has attempted to give us an overall impression of the way that the coronavirus outbreak has affected the country’s economy. The Resolution Foundation discovered a sharp downturn following the start of the Covid-19 pandemic.

Unemployment Rising

The report points out that the sudden and dramatic grinding to a halt of economic activity in the UK appears to be more severe than it was during the financial crisis. As part of this, the unemployment rate is rising faster than at any time since 2008.