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November 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."

The Bank of England Keep Interest Rates Steady and the Furlough Scheme Is Extended Again

The return to lockdown restrictions in the UK has led to fresh predictions of the amount of economic damage being made. What do the Bank of England (BoE) experts think about it and how is the furlough scheme going to be extended to help people cope?

What Does the BoE Think?

UK Employment Falls Sharply but Vaccine Hopes Boost Markets

The hopes that a coronavirus vaccine will be available by the end of 2020 has led to the financial markets receiving a boost that led to rising share prices. Yet, the latest employment news is less promising, with a dramatic fall in the number of people in work.

The Employment Details

This information comes from the Office for National Statistics (ONS), who report that the number of people in employment dropped by 247,000 in the period from July to September when compared to the same months last year.

The Second Lockdown Appears to be Less Damaging to UK Economy

As the country battles to get through the second wave of coronavirus infections, new data suggests that the restrictions currently in place are proving to be less damaging to the economy than the spring lockdown.

The Early Signs

A range of different indicators show us that economic activity has been less badly affected than during the earlier lockdown. These include the number of people going to work and the volume of heavy goods traffic around the country.

Financial Markets Are Bouncing Back but Confidence Low in France and Germany

Advances in the search for a Covid vaccine and increased clarity over the US election results have helped to push many financial markets into positive numbers, although current studies show that business confidence has plunged in some European countries.

Details of the Market Situation

UK Chancellor Warns That the Economic Emergency Is Just Starting

Chancellor Rishi Sunak this week announced another huge investment to help deal with the coronavirus crisis. £55 billion will be pumped into the economy to try and tackle the UK’s biggest financial slump in more than three centuries, yet he has pointed out that this is just the start of the current crisis.  

The Full Extent of the Borrowing

The OECD Predicts That the UK Economy Will Lose Ground Against Others

The Organisation for Economic Co-operation and Development (OECD) recently released its latest prediction for how different economies around the world will recover from the current crisis. Among the bad news is the fact the UK is behind only Argentina in terms of the negative effect to be felt.

The Full Details of Their Report

The UK’s Furlough Scheme is Replaced by Job Support Scheme

The furlough scheme that started in the UK in March 2020 is to be replaced by a Job Support Scheme (JSS), chancellor Rishi Sunak has announced. This is one of a series of measures that are designed to protect British companies and employers while coronavirus restrictions remain in place.  

Details of the New Scheme

The JSS initiative announced by Sunak will directly support the wages of workers who continue to carry out a minimum of a third of their usual working hours.  Their companies will pay them for the time that they work.