The OBR’s horrid forecasts of an output implosion and soaring unemployment will do nothing to quell Tory resistance to tougher Covid tiers.
Posts Tagged: Banks
After a decade of forward guidance, credit easing and quantitative easing, it was clear even before the Covid-19 crisis that monetary policy had run out of road.
“Stay at home. Protect the NHS. Saves lives” now needs to end up as “Get back to work. Protect the economy. Save livelihoods.”
Businesses can apply for up for 25 per cent of their turnover to a maximum of £50,000 with the Government paying the interest for a year.
Ministers can carry on trying, through the British Business Bank or directly, to push on this Gordian Knot – or slice through it.
The part of the country that is working well is the part that is not waiting for people in a risk-averse chain of centralised command to make a decision.
Graham Gudgin: Speed, scale, simplicity. Three principles for further action by Ministers to protect jobs and help people.
The job now needs to be completed by shoring up workers’ incomes and firms’ revenues to as close to 100 per cent as is practical.
John Redwood: Why the Government’s response to the virus can’t be settled by the science – with decisions made by epidemiologists
Many of these matters can only be made on the basis of imperfect information. The advantage of the elected official making the ultimate decision is one of accountability.
Withdrawal from the EU provides a necessity and an opportunity to illustrate that the UK is “open for business”.
One essential Bank of England chart illustrates what went wrong, beyond reasonable doubt.
Brussels gold-plates global standards, the Basel rules, and applies them to all banks of all sizes.
Iain Dale: Why is May making her case to 35 million people won’t vote on her deal? And not to the 650 or so who will?
Plus: Keep the Brexit TV debate simple. Giving Allin-Khan and Duncan a piece of my mind. And: Carney – we’ve heard it all before.
We should not be tied to rules that often apply extreme versions of the precautionary principle that throttle new developments.
Kevin Hollinrake: Why is the regulator protecting RBS – instigator of the greatest banking scandal in Britain’s history?
Ultimately, the only way properly to determine the extent of both this and wider problems is through a full public inquiry.
Selling off the Royal Bank of Scotland without taking the chance to widen share ownership would be a wasted opportunity.