UK factories suffer worst quarter on record amid coronavirus lockdown – as it happened


Rolling coverage of the latest economic and financial news

Time for a quick recap.

UK factories have suffered their worst quarterly slump in activity since at least the 1970s, as the coronavirus lockdown hit the economy. Manufacturers are also anxious about their prospects for the coming months, with export orders down sharply.

Housing looks like an M-shaped recovery. Resale activity well below expectations in May to a ten-year low. And this is supposed to be the sector that blazes the trail for this (alleged) recovery!

“Mr Rathi will join the FCA with a full in-tray, but his previous background and experience suggest that he is well equipped to make a flying start. His work at the Treasury on EU and international markets will be important in working with the Government to navigate a workable regulatory outcome on Brexit for the UK.

His CEO role at the London Stock Exchange will have provided commercial experience at the sharp end of the financial markets. Another major challenge will be dealing with post COVID-19 planning, including the accumulated consumer and corporate debts, which are building up. His relative youth should provide the energy and impetus required at the time, and as we have seen with Rishi Sunak, who appointed him, age is no barrier to ability in high profile positions. As an external appointment, he will also bring a new perspective to the FCA’s culture and priorities.”

Related: FCA appoints London Stock Exchange boss Nikhil Rathi as CEO

This is why US realtors are optimistic, despite sliding home sales last month.

The surge in mortgage applications to a decade-high so far in June suggests that, even with a potential much higher rejection rate, home sales will rebound from June

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