peter_IFAMAG reads Twitter so you don’t have to.
The Bank of England says the UK economy could shrink up to 30% in second quarter of 2020. This highlights the acute economic squeeze on small business, however HSBC and Barclays are failing to deliver bounce back loans. A new poll suggest half of Britons are eager to start work immediately.
Faisal Islam reports on specifics of outlook.
Bank of Eng keeps rates/QE as is, tho 2 members vote for extra £100bn…
New outlook for economy “illustrative scenario” sees UK already in sharp recession, having declined 3% in Q1, and a record 25% in Q2. unemployment to 9%.
Assumes enforced social distancing lifted June pic.twitter.com/7eII3Vwzpn
— Faisal Islam (@faisalislam) May 7, 2020
Ben Chu highlights the Bank of Englands ‘firm stance’ towards highly leveraged companies.
Mel Stride has written to Barclays boss to find questions over delayed bounce back loans.
Treasury committee chairman Mel Stride has written to Barclays boss Matt Hammerstein asking what the hold up is with the distribution of #BounceBackLoans it has approved. Bank has apologised for delays. pic.twitter.com/8qKchnIf8L
— James Hurley (@jameshurley) May 7, 2020
Last night IFA Magazine published an article on HSBC bounce back loans highlighting their ‘redefinition of 24 hours’. We are pleased to see thats it provided information for people, and that it has been shared widely.
Non-existant updates and 5 day waiting times!https://t.co/mfdEAIQkb5
— Peter IFA Magazine (@Peter_IFAMAG) May 6, 2020
Through all the coronavirus uncertainy, Bloomberg reports that Britons are eager to get back to work.
Almost half of British workers are eager to immediately return to their offices, shops, and factories to start working again, a new poll finds https://t.co/nw3G6vQvl5
— Bloomberg (@business) May 7, 2020
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