(LONDON) #Coronavirus ONS Unemployment Report: A measure of the number of people claiming unemployment benef its in Britain leapt to its highest level since 1996 in April, the first full month of the government ’s #coronavirus lockdown, data published on Tuesday showed #AceFinanceDesk report

#AceFinanceReport – May.19: “The claimant count rose by 856,500 — the biggest ever month-on-month jump — to 2.097 million, a 69% increase, the Office for National Statistics said.” The surge would have been even sharper without a government programme to pay 80% of the wages of workers put on temporary leave by their employers, who do not count towards the unemployment total:

#Coronavirus ONS Unemployment Report: Claimant count rose by 856,500 to 2,097-million in first month of lockdown according to data provided on Tuesday:

https://t.co/51lAgp5zcv

” The ONS said emergency changes to Britain’s welfare system meant the claimant count number included more people who were still actually in work than normal, but the scale of the rise in claims showed the hit to the labour market.”

“ While only covering the first weeks of restrictions, our figures show COVID-19 is having a major impact on the labour market,” ONS Deputy National Statistician Jonathan Athow said “

“A Reuters poll of economists had produced a median forecast for a leap of 676,500 in the claimant count, with forecasts ranging widely from just over 56,000 to as high as 1.5 million.”

Tej Parikh, chief economist at the Institute of Directors, said the government’s wage subsidy scheme was holding off some job losses for now but it was not clear how firms would react when they are required to help fund it from August.

““Many companies will still be in the middle of a cashflow crisis, and will struggle with any cost increases. Government faces an onerous task in winding down the scheme without causing too much pain,” he said.”

#AceFinanceDesk report ……………Published: May.19: 2020:

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(LONDON) DWP REPORT: As from today May.11: People who are paid benefits or their state pension will no longer be paid into a ‘ Post Office Account (POCA) ‘ and they will need to use a banking account due to the governments contract with post offices in November 2021 with several services being phased out: # PleaseShareAndCare #AceFinanceDesk reports

#AceFinanceReport – May.11: People who are paid benefits or their state pension into a Post Office account will need to get a new account, as the Department for Work and Pensions is stopping paying into them: The Post Office Card Account (POCA) was set up in 2003 to provide a “simple” banking facility for those without regular bank accounts: But the government’s contract with the Post Office ends in November 2021 and several services are being phased out:

Department for Work and Pensions

A massive 900,000 people use POCA to collect their payments, but for the past three years the DWP has been telling people to have their payments paid into a bank account instead, reported Express News:

Work and Pensions Secretary Thérèse Coffey told Parliament that the cost of the contract provided “poor value for taxpayers” given that most people using POCA already have a bank account – it’s cheaper for the DWP to pay money directly into bank accounts than to use the Post Office system: She said: “DWP will stop any new benefit and pension claimants from using the Post Office Card Account (POCA) from 11 May, as we prepare for the end of this contract: “Uptake of accounts in the last year has been exceptionally low but in any event, given that the vast majority of people using POCA we believe already have a bank account, the cost of the contract is poor value for taxpayers: “Current customers who currently receive payment through a Post Office card account will see no change and will continue to receive payment into their accounts for the remainder of the contract period: “We can use the HMG Payment Exception Service for people who cannot access any bank account.”

#AceFinanceDesk report …………Published: May.11: 2020:

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(LONDON) #Coronavirus Business Report: Institute of Fiscal Studies says that UK’s budget deficit is set to see “an absolutely colossal increase to a level not seen in peacetime”, the director Paul Johnson said these were figures before the storm but estimate them at a deficit £260-billion treasury proposes issuing £180-billion worth of government bonds, known as gilts, in the May-to-July period, more than originally intended in those months #AceFinanceDesk report

#AceFinanceReport – Apr.24: The Office for National Statistics, which released those figures, said they did not capture the big spending announced by the government to cope with the virus: The economic impact of coronavirus was likely to push the deficit to as high as £260-billion Paul Johnson told the BBC: He was speaking after latest figures showed that the deficit hit £48.7-billion in the 2019-20 financial year: But Mr Johnson said those figures were “the numbers before the storm”……..The deficit last year – the gap between the government’s income and its expenditure – was £9.3-billion higher than in the 2018-19 financial year and equivalent to 2.2% of GDP:

#Coronavirus Report: UK borrowing to see ‘colossal increase’ to fight virus during period May – July of £180-billion BBC Business reports

“The coronavirus (Covid-19) pandemic is expected to have a significant impact on the UK public sector finances,” it added: “These effects will arise from both the introduction of public health measures and from new government policies to support businesses and individuals.”…………………..The ONS said the full effects of coronavirus on the public finances would become clearer in the coming months.

Mr Johnson told the BBC’s Today programme that there was still “a huge amount of uncertainty” surrounding the economic impact of the virus: However, the government had announced tax cuts and spending increases worth £100-billion so the effect was “likely to dwarf the record that we saw during the financial crisis”.

Mr Johnson said the economy was unlikely to recover quickly afterwards and would remain “smaller than it otherwise would have been”. He added that tax rises and a growing deficit were the likely outcome: “I would be astonished if in a couple of years the economy was back where it would have been if it [the virus] had never happened,” he said: Meanwhile, a closely watched survey of UK businesses has indicated that the economic impact has been even worse than feared:

The IHS Markit/CIPS flash UK composite purchasing managers’ index (PMI), which measures activity in the services and manufacturing sectors, fell to a new record low of 12.9 in April, down from 36 in March: Any reading below 50 indicates contraction. Economists polled by Reuters had expected a figure of 31.4: “The dire survey readings will inevitably raise questions about the cost of the lockdown and how long current containment measures will last,” said Chris Williamson, chief business economist at IHS Markit, adding that the figures pointed to a quarter-on-quarter economic contraction of at least 7%.

In another development, the Treasury has announced that it is speeding up its plans to raise money in order to cover the cost of its coronavirus measures: It will now be issuing £180-billion worth of government bonds, known as gilts, in the May-to-July period, more than originally intended in those months: “The temporary and immediate nature of the unprecedented support announced for people and businesses means the government expects that a significantly higher proportion of total gilt sales in 2020-21 will take place in the first four months of the financial year, in order to meet the immediate financing needs resulting from Covid-19,” the Treasury said: “This higher volume of issuance is not expected to be required across the remainder of the financial year.”

#AceFinanceDesk report …………..Published: Apr.24: 2020:

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(AUSTRALIA) #Coronavirus Business Report: #Facebook and #Google to be forced to share advertising revenue with media companies and mandatory code will be developed by ACCC to create a level playing field according to Josh Frydenberg #AceFinanceDesk report

#AceFinanceReport – Apr.21: Mandatory code being developed by ACCC will create ‘level playing field’ in media landscape, Josh Frydenberg says Facebook and Google will be forced to share advertising revenue with Australian media companies after the treasurer, Josh Frydenberg, instructed the competition watchdog to develop a mandatory code of conduct for the digital giants amid a steep decline in advertising brought on by the #coronavirus #pandemic 

In its response to the landmark digital platforms inquiry in December, the federal government asked the Australian Competition and Consumer Commission to develop a code between media companies and digital platforms including Google and Facebook: Read More Here: https://t.me/the_guardian_news/146779

The Guardian news, [Apr 19, 2020 at 18:50]
https://clck.ru/N4Jab 

#AceFinanceDesk report ………………..Published: Apr.21: 2020: 

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(BEIJING, China.) #Coronavirus Business Report: Economy shrinks in March quarter for ‘ first time since records began ‘ with GDP falling by 6.8% Jan-Mar year on year official data showed on Friday and for 2020, economic growth is expected to stumble to 2.5%, its slowest annual pace in nearly half a century, a Reuters poll showed this week #AceFinanceDesk report

#AceFinanceReport – Apr.17: China’s economy shrank in the March quarter for the first time since current records began almost three decades ago, as the coronavirus shut down factories and shopping malls and put millions out of work: Gross domestic product (GDP) fell 6.8% in January-March year-on-year, official data showed on Friday, a slightly larger decline than the 6.5% forecast by analysts and reversing a 6% expansion in the fourth quarter of 2019: It was the first contraction in the world’s second-largest economy since at least 1992 when official quarterly GDP records started:

#Coronavirus Report: Economy crippled by #coronavirus, as China’s first-quarter GDP shrinks for first time on record ReutersBiz reports

Providing a silver lining was a much smaller-than-expected fall in factory production in March, suggesting tax and credit relief for virus-hit firms was helping restart parts of the economy shut down since February: However, analysts say Beijing faces an uphill battle to revive growth and stop massive job losses as the global spread of the virus devastates demand from major trading partners and as local consumption slumps: “First-quarter GDP data is still largely within expectations, reflecting the toll from the economic standstill when the whole society was on lockdown,” said Lu Zhengwei, Shanghai-based chief economist at Industrial Bank:

“Over the next phase, the lack of overall demand is of concern: Domestic demand has not fully recovered as consumption related to social gatherings is still banned while external demand is likely to be hammered as pandemic spreads.” On a quarter-on-quarter basis, GDP fell 9.8% in the first three months of the year, the National Bureau of Statistics said, just off expectations for a 9.9% contraction, and compared with 1.5% growth in the previous quarter.

Statistics bureau spokesman Mao Shengyong told a press briefing after the data that China’s economic performance in the second-quarter is expected to be much better than in the first: However, weaker domestic consumption, which has been the biggest growth driver, remains a concern, as incomes slow and the rest of the world falls into recession: Per capita disposable income, after adjusting for inflation, fell 3.9% from a year earlier in the first quarter, the data showed: “We are hesitant to think that this is just a one quarter event, Q2 will also likely be lower than expectation,” said Ben Luk, senior multi asset strategist at State Street Global Markets in Hong Kong: “To offset weakness in external demand, we will see some policy support later this month or early May.” Industrial output fell by a less-than-expected 1.1% in March from a year earlier. Highlighting the challenges in consumption, however, was a 15.8% fall in retail sales, which was larger than expected:

Of major concern for policymakers is social stability among its 1.4 billion citizens, millions of whom migrate from rural areas to cities to find work each year: The urban jobless rate fell to 5.9% in March from 6.2% in February, suggesting the pain in the labour market is yet to be reflected in official numbers: However, analysts warn of nearly 30 million job losses this year due to stuttering work resumptions and plunging global demand, outpacing the more than 20 million layoffs seen during the 2008-09 financial crisis.

China’s stability-obsessed leaders have pledged more steps to combat the slump but are mindful of the lessons learned in 2008-09 when massive stimulus saddled the economy with mountains of debt: Last month, the ruling Communist Party’s Politburo said it was considering measures such as more local government special bonds and special treasury bonds: “We expect Beijing to deliver a large stimulus package soon to combat the worst recession in decades, with most of the financing to be provided by the PBOC (People’s Bank of China),” Ting Lu, chief China economist at Nomura, said in a note.

The PBOC has already loosened monetary policy to help free up credit to the economy, but its easing so far has been less aggressive than during the global financial crisis: The government will also lean on fiscal stimulus to spur infrastructure investment and consumption, which could push the 2020 budget deficit to a record high: For 2020, China’s economic growth is expected to stumble to 2.5%, its slowest annual pace in nearly half a century, a Reuters poll showed this week……

#AceFinanceDesk report ……….Published: Apr.17: 2020: Reuters: Reporting by Lusha Zhang, Kevin Yao and Gabriel Crossley; Editing by Sam Holmes

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Its time to choose ……BuSINness OR Lives ? Will our politicians and leaders do the right thing ? OR Will they choose the easy path for THEMSELVES as we enter the week of crucifixion this time its not Jesus but the world on trial

Editor says …….At this time in history God is giving us ALL a chance to do the right thing …But will we ?

AND what will leaders and politicians choose…….will it be to provide ALL that is is people NEED and not WANT or will they support their own ?

Are MARKETS more important than PEOPLE’S LIVES ……OR is it important to SUPPORT your chosen companies in which you have shares ?

Will the root of all EVIL outway the root to all GOOD ?

Its Easter and a time of GIVING but many thousands are in lockdown trying to do the right thing and support each other ……But will leaders and politicians choose to save the MANY who bleed loudest to will they help the weak, poor and in need ?

These questions are being answered daily and those that make them are being judged by God in their ❤️And in the END they will be either REWARDED for their CHARITABLE WORK OR God will judge them WANTING we shall see ?

Amen 🙏’s

Editor says Happy Easter and Be Safe this Time God Bless You and Yours

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#acefinancedesk

(LONDON) #Coronavirus Finance Report: British backed Virgin Atlantic Airways Ltd first applies to U.K. government to obtain backing but make sure he transfers his shares worth $1.1-billion in Virgin Galactic Holdings Inc a Delaware based company to the BVI Offshore Domain and pledge £250-million to support groups operations and now you qualify for help as a U.K. business paying tax #AceFinanceDesk report

#AceFinanceReport – Apr.06: Richard Branson moved assets from the U.S. to the British Virgin Islands, highlighting his use of tax havens at a time one of his businesses sought a state bailout because of the coronavirus pandemic: Filings show a Delaware-based company for his $1.1 billion stake in Virgin Galactic Holdings Inc. transferred shares in the space-travel firm on March 16 to the Caribbean territory where Branson, 69, lives: Residents in the BVI pay no income or capital-gains taxes while the U.S. state is known for preserving the privacy of its corporate owners: Virgin Galactic became the first publicly traded space-tourism firm last year after merging with a listed investment vehicle, and the Delaware holding company was set up for that transaction:

Branson Shifts $1.1 Billion Galactic Holding Between Tax Havens

Bloomberg.Com/ Reported April 5, 2020, 4:32 PM EDT

The move is unrelated to Branson’s request for British backing for Virgin Atlantic Airways Ltd., and many of his businesses do pay U.K. tax: He’s also pledged $250 million to support his group’s operations since transferring his shares in Virgin Galactic:

“This is as an internal reorganisation that has no effect on our ownership interest,” a representative for Branson said. “Rather than continuing to hold the shares indirectly, we undertook this exercise to eliminate indirect ownership through that subsidiary, as the U.S. entity was no longer necessary.”

#AceFinanceDesk report…………………Published: Please Read Full Report on Tax Avoidance Haven in Delaware Tx. And how companies use them to avoid taxation including transfer of tax ownership here: Telegram: https://t.me/acenewsdaily/216099 – Ace Daily News, [Apr 6, 2020 at 15:25] Delaware’s $1 Billion Incorporation Machine OR via Ace Worldwide News Group https://ift.tt/2xO8EMF

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