Business

Bank of England policymaker warns of rising economic risks and job losses – business live

3.01pm BST My colleague Phillip Inman has written up Gertjan Vlieghe’s comments about the need to stimulate the UK’s weak economy, as unemployment pushes sharply higher:Negative interest rates in the UK edged closer on Monday after a Bank of England policymaker warned the central bank would need extra firepower to boost the economy following the surge in Covid-19 cases.In a gloomy assessment of the next few months, Gertjan Vlieghe, who sits on the monetary policy committee, the bank’s interest rate setting body, said the second wave of Covid-19 was holding back consumer spending and suppressing business investment, which would push unemployment higher.
That’s lifted the Dow by 0.8% today, or 233 points to 28,428.
Rolling coverage of the latest economic and financial news, as MPC member Gertjan Vlieghe says UK may need more stimulus to fight Covid-19 crisisLatest: BoE’s Gertjan Vlieghe sees downside risks risingVlieghe: Risk of large job losses as furlough scheme ends Introduction: Can Pelosi and Mnuchin reach a deal today?Wall Street fell last night as optimism fadedReckitt Benckiser: strong demand for cleaning and health products… 3.20pm BST Wall Street is pushing higher…., even though there’s no progress on the stimulus front yet.Consumer goods group Procter & Gamble (+2.2%), credit card firm American Express (1.4%) and sportswear group Nike (+1.4%) are among the risers.
Source: the guardian

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