UK Government debt hits £2tn amid coronavirus pandemic

The UK government debt at the end of July 2020 was £2, 004 trillion, £ 227.6bn more than at the same point last year according to the Office for National Statistics (ONS), which means the entire value of the country’s economy for the first time in 60 years. The Government owes the equivalent of 100.5…

The UK is officially into recession

The UK economy suffered its worst and biggest slump on record between April and June due to coronavirus lockdown measures, shrinking as much as 20.4 per cent compared with the first three months of the year. The UK is officially into recession. Household spending plunged as shops were ordered to close, while factory and construction…

Fourth covid-19 vaccine deal signed for 60m doses

GSK-Sanofi vaccine A fourth coronavirus vaccine deal has been signed by the UK government, securing up to 60 million doses of an experimental treatment being developed by  GSK and Sanofi. The government has already signed up for 100 million doses of the Oxford University vaccine being developed by AstraZeneca and another 90 million doses of…

Government debt stands at £1.98 trillion

  The UK government borrowed £127.9bn between April and June for tackling the coronavirus pandemic, taking the total government debt to £1.98 trillion. The difference between spending and tax income was more than double the £55.4bn borrowed in the whole of the previous year.  The borrowing in June was lower in May at £35.5bn, as…

Promoting the elite at the expense of the workers

Trade conflicts caused by governments promoting the interest of the elite at the expense of workers. Across the world, the rich have prospered while workers can no longer afford to buy what they produce have lost their jobs, or have been forced into higher levels of debt. The class wars of rising inequality are a…

Why America gave up on Free Markets

Economist Philippon uses detailed evidence to argue that  far from being the home of the free market competition, the US today has less competition than the much maligned EU, particularly in its products markets which are riddled with monopoly and monopsony. Declining competition has raised profits, depressed wages, weakened investment and undermined productivity growth. The…

Porsche increase stake to 15.5 per cent in Rimac

Porsche which took 10 per cent stake in Rimac Automobil, the Coratian electric car group has raised its holdings to 15.5 per cent stake to push into battery technology.  Rimac builds its own cars but also supplies battery and hybrid technology to high-performance car makers across the industry. The German brand plans to spend €6bn…