Kate Andrews is deputy editor of The Spectator’s World edition.
No one has modelled an economic lockdown before: no one knows what to expect. But the daily data is shocking, and points to a huge economic effect. In Britain, nearly 500,000 people applied for welfare (Universal Credit) over the last nine days. In America, the number of people applying for unemployment benefits surged to an
What does the coronavirus crisis mean for unemployment in the UK and Europe? A study out today from Capital Economics offers a possible answer and if it’s bad news for Britain, its worse for those in the eurozone. Here in Britain, the huge economic consequences spurred on by the virus – which will see growth
In his third Covid bailout in just over a week, Chancellor Riski Sunak has shifted his focus from businesses to employees with an unprecedented three-month commitment to cover the bulk of pay for workers facing redundancy. He’ll cover up to 80 per cent of all salaried workers’ wages (up to £2,500 per month, around the UK’s medium income). This is
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Britain is midway through a deep recession: of that there is no doubt. But what next? Oxford Economics has today been one of the first to offer an answer, predicting a V-shaped economic recovery (sharp economic downturn and sharp economic revival) and near-complete economic repair. It is, of course, a guess: all forecasts are. But
The new Bank of England governor Andrew Bailey has warned that the UK is facing an ‘economy emergency’ and the worst is yet to come. Speaking to Sky News, Bailey said the UK economy needs to brace itself for a ‘very big downturn’. ‘Everything’s on the table that is reasonable,’ he said, referring to the policy
Last week’s £12 billion stimulus package to tackle the health and economic consequences of Covid-19 now seems like a drop in the ocean compared to Rishi Sunak’s announcement this evening: an astonishing £330 billion package of guarantees for business loans, up to £20 billion worth of tax cuts and grants for small and medium size
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We’ve just seen one of the worst weeks in stock market history, with the FTSE100 ending on Friday 17 per cent down and billions of pounds wiped off British share values. This has been spurred on not by the fear of Covid-19 itself, but by the reaction to the virus: when sentiment switches from confidence to
When America used a drone to take out an Iranian general a few weeks ago, it triggered a standoff between the two countries that barely moved oil prices. America was seen to have passed the first test of what Donald Trump hailed as ‘energy independence’. The US oil industry has surged over the past five
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This week kicked off with an incredible fall in oil prices globally, so what on earth happened (00:50)? We also talk about the Budget, where Rishi Sunak set out in more detail how the government’s ‘levelling up’ agenda will look (10:20). Finally, should we be doing more science research for curiosity’s sake (23:05)?
The Treasury thinks it has a new friend: the Office for Budget Responsibility (OBR). During the delivery of his first Budget this afternoon, Chancellor Rishi Sunak referenced the economic forecaster multiple times, relying on its assessment of the Budget as proof that the ‘largest giveaway since 1992’ is still fiscally responsible. The OBR has ‘made
International Women’s Day (IWD) is a great idea — in theory. Why not set aside a moment each year to highlight both the historical and present-day circumstances that impact women’s lives? If used properly, it could do some good. But the problem with international-anything-day is that the plights and progress of historically disenfranchised people vary
Ten years ago, the World Health Organisation issued a new definition of ‘pandemic’: a disease that infects a large number of people and spreads quickly across the world. These days, once the first of these criteria has been fulfilled, the second is generally just behind. Everything travels faster now: goods, services, diseases and — crucially
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As the coronavirus sweeps across the globe, it’s causing businesses, consumers, and governments to rethink their globalised lives. Is this a tipping point for hyper-globalisation (1:00)? Plus, is the government slimming down its Budget plans (13:40)? And last, is it harder to be eco-friendly if you are a woman (26:35)?
On Monday, the Department for International Trade released its negotiating objectives for a UK-USA free trade agreement. The 184-page document explains in detail what the UK wants to get out of a trade deal with America. The British government will try to angle the talks, which begin this month, towards securing a comprehensive arrangement – that is,
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It’s increasingly popular to say feminism can never be capitalist; no exceptions. Capitalism, by its nature, supposedly exploits women. But if feminism cannot be capitalist, how does one explain Katharine McCormick, the woman who single-handedly financed the development of the pill? McCormick was a committed feminist, a campaigner for women’s voting rights, and a signed-up
The post-election economic bounce appears to be more than a fluke. Positive news came in waves this week, as data for employment figures, weekly wages and economic activity painted a good picture for newly-Brexited Britain. People are in work and wages are finally back on track. Employment has hit a new record high (76.5 per
Could motorists be hit with the first fuel duty rise in ten years in this month’s Budget? According to the Sun, the PM’s chief advisor Dominic Cummings wants to use petrol and diesel as a revenue-raiser to fund big infrastructure projects outside the capital. But ending the fuel duty freeze after a decade might not be a good idea,
