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 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…
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…
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…
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…
Bloomberg Businessweek reporter Dexter Roberts in The Myth of Chinese Capitalism, reveals many of the social tensions now threatening to explode in China can be traced to the hukou – a small red passbook that records where a family is officially is registered as living and what benefits it is entitled to. The result is…
Chancellor Rishi Sunak in his bold budget speech suspended business rates for shops and cafes, Beer, wine and cider duties were frozen as pubs get help, UK interest rates cut in an emergency move, and promises his measures to help the economy tackle the coronavirus outbreak which is expected to bring a “significant” short-term…
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 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…
China’s launch of a new technology focused stock exchange to rival Nasdaq on Wall Street has underlined the significance of state funding to the country’s fastest growing tech sector. Of the first 25 companies listed on Shanghai’s Starboard, 14 report state-owned investors among their top three shareholders . The first 25 listing, which raised $5.3bn,…