@peter_IFAMAG reads Twitter so you don’t have to.
On Twitter today; Brad Setser shares what he thinks is spurring China’s $58.9 trillion August surplus. In the UK, HMRC boss says up to 10% of the value of the furlough scheme is fraud and error, and the BBC reveal 300,000 planned redundancies.
HMRC boss, Jim Harra, says the government body expects to investigate 27,000 high-risk claims and conduct 10,000 ‘one-to-one investigations.’
HMRC boss Jim Harra says furlough fraud and errors could be up to 10pc of value of scheme, so about £3.5bn wrongly paid out. HMRC expecting to look into 27k high risk claims and is due to conduct 10k "one-to-one investigations"
— James Hurley (@jameshurley) September 7, 2020
The BBC reveal 300,000 redundancies planned by UK firms in June and July.
Worrying glimpse of what’s coming for the economy – Coronavirus: 300,000 redundancies planned in June and July https://t.co/PqMxkzpG8E
— Laura Kuenssberg (@bbclaurak) September 8, 2020
Dominic Lindley comments on this visualisation of Mortgage Loan-to-Value ratio. IFA Magazine spoke to an industry leader on this topic last week.
During the 2008 financial crisis banks could cut rates and improve their margins. Now, they are taking the subsidies from the Government and increasing their margins by hiking rates. https://t.co/CqU6GFwwp1
— Dominic Lindley (@DominicLindley) September 7, 2020
Just how big are the largest tech companies? Another visualisation, the answer – very big!
— Alan Steel (@asibiza1) September 8, 2020
And finally, Brad Setser shares his analysis of Chinese growth following the pandemic.
Add in bond inflows (~ $15b in August I think). Net out tourism outflows (less $15b i would guess).
Any way you look at it, China should be adding to its reserves at a very rapid pace.
But nothing is showing up.
— Brad Setser (@Brad_Setser) September 8, 2020
What are your thoughts on these tweets?
Tweet your responses to @peter_IFAMAG