(LONDON) #Coronavirus DWP UC Report: Ten ways #pandemic has changed Universal Credit and what it means for you and what people can claim: #AceFinanceDesk says ………If you need help and guidance in claiming just leave a comment and an email address thank you:

#AceFinanceReport – June.13: Editor says ……….Hundreds of thousands of people are believed to have applied for Universal Credit as a result of the ongoing pandemic: #Coronavirus has affected almost every aspect of our lives and it has changed Universal Credit in 10 major ways: Personal circumstances have continued to change as job losses and pay reductions become more common as the pandemic continues: Hundreds of thousands of people are believed to have turned to Universal Credit for financial support during the difficult times: The impact of lockdown has driven many to seek help from benefits to pay their bills and feed their families: There were 1.5 million claims for Universal Credit between March 13 and April 9, over six times more than in the same period last year and the most in a single month since the welfare scheme was first introduced in April 2013: Up to May 19, there have been 2.9 million applications for the benefit……………………….For those who are new to the system, or for existing recipients who are still getting Universal Credit during the coronavirus pandemic, these are the 10 ways coronavirus has affected the scheme and how it affects you……………..

If you need help and guidance on how to claim please let me know by leaving your email address in a comment and l will not print it but send you a reply via a chosen email address: Regards Editor.

Universal Credit Claimants could be entitled to further benefit support:

1. Making a claim:

The first thing is to check you are eligible. For instance, if you have £16,000 or more in savings, you can’t get Universal Credit.

Bear in mind that your partner’s income and savings will be taken into account, even if they are not eligible for Universal Credit and not intending to apply for it. Don’t take any steps towards applying before checking the criteria or you could irreversibly affect existing benefits such as tax credits.

Claims for Universal Credit are made on the internet. You have to set up an online account and you also need a bank, building society or credit union account.

In a bid to ease pressure on the system during the pandemic, the DWP says people making new claims will no longer need to make a phone call as part of the process. The department said its staff will ring up claimants if they need to check anything and will also message via the online process to confirm details.

The DWP says its calls may show on your phone as an 0800 number or an unknown or private number and urges people to check their online accounts so they know when to pick up such calls.

2. Jobcentre visits:

During the claim process, you no longer need to arrange a face-to-face appointment and you do not have to go along to the jobcentre. The DWP says people receiving benefits do not have to attend jobcentre appointments for three months from March 19 2020. If coronavirus restrictions continue, this could be extended.

Claimants will be contacted to discuss alternatives such as telephone or paper-based assessments. You will continue to receive benefits as normal, but all requirements to attend the jobcentre in person are suspended.

Don’t go to the jobcentre unless asked to do so “for an exceptional purpose”, the DWP said.

3. Temporary increase:

On March 20, 2020, the Chancellor announced a package of support for workers during the coronavirus pandemic. This included a £1,000 increase to the standard allowance for Universal Credit for one year.

It means the amount of Universal Credit went up twice – once in line with inflation as the benefits freeze came to an end, and then a further boost for the coronavirus increase.

Rates for Universal Credit are now as follows:

• Single and under 25 – £342.72

• Single and 25 or over – £409.89

• In a couple and both under 25 – £488.59 (for you both)

• In a couple and one of you is 25 or over – £594.04 (for you both)

But concerns have been raised about the £1,000 boost (about £90 a month) only being in place for 12 months.

Shadow work and pensions secretary Jonathan Reynolds said: “If the Government believes this level of support is necessary during lockdown, why do they believe people will need less money when the (lockdown) ends and the normal cost of living would apply? “Surely it is inconceivable that anyone still unemployed by March next year could see their benefits being cut?”

The DWP confirmed the one-year limit on the increase and has so far made no suggestion it could be maintained beyond then.

4. Looking for work:

Usually, going on to Universal Credit if you are unemployed means proving to the DWP you are still looking for a job. A formal agreement called a claimant commitment sets out what people are expected to do in return for benefits – and what happens if they fail to comply.

What is Universal Credit?

Universal Credit is a new benefits system that will eventually replace six seperate benefits.

They are:

• income support

• income-based jobseeker’s allowance

• income-related employment and support allowance

• housing benefit

• child tax credit

• working tax credit

Claimants will get one single payment to cover any and all of these benefits they are entitled to. Out of that single payment they will then have to cover their own costs directly, e.g. rent, rather than it being a deducted payment.

The brainchild of the Conservative Government, it is theoretically meant to make claiming benefits easier. But the policy has been bereft with problems since it started being rolled out across the country and has been blamed for pushing many vulnerable people into hardship and poverty.

Claimant commitments are normally agreed with a work coach when a person attends a local jobcentre and must be accepted in order to receive Universal Credit. However, because of the exceptional circumstances resulting from the coronavirus pandemic, people are not expected to accept claimant commitments before being entitled to Universal Credit.

In addition, requirements to prepare for work, search for work or be available for work are temporarily suspended. Most claims for Universal Credit begin on the date the claimant commitment is agreed but for applications received in the four weeks up to April 9, 2020, the date the claimant verifies their identity is taken as the start date.

5. Advance payments:

With more people going on to Universal Credit, there have been more requests for advance payments. This is like an upfront loan of the amount of your first expected UC payment and is repaid in instalments from future benefits.

From March 1 to May 19, 2020, there were 1,132,570 advance payments issued. Most were advances requested by new claimants but there has also been an increase in the number of advances given to those already on the benefit – these include budgeting advances to help people cover emergency expenses such as replacing a broken cooker.

You normally need to have been receiving Universal Credit for six months or more to qualify for a budgeting advance. In addition, you need to have earned less than £2,600 (£3,600 together for couples) in the past six months.

You can receive up to £348 if you’re single, £464 if you’re part of a couple or £812 if you have children.

The DWP runs a similar scheme called a budgeting loan for those on Income Support, income-based Jobseeker’s Allowance (JSA), income-related Employment and Support Allowance (ESA), or Pension Credit.

The DWP says repayments on these loans have been temporarily stopped because of the impact of coronavirus. Repayments won’t restart until July 2020 at the earliest.

6. Maximum deductions:

Money can be taken out of your benefits by the DWP to repay anything you owe to the department or to other organisations. This includes rent arrears and other debts.

The maximum amount that can be deducted used to be 30 per cent of your Universal Credit standard allowance. This was lowered to 25 per cent from April 6, 2020, meaning UC recipients get more money per month.

In addition, deductions to pay off debts to housing providers, energy firms, water suppliers or the council were temporarily halted when the DWP was dealing with a massive surge of benefit claims at the start of the pandemic. These third party deductions resumed from May 10.

7. Sanctions:

The DWP says that if you fail to do what you have agreed in your claimant commitment without good reason, your Universal Credit payments can be reduced for a set period. This is called a sanction.

These financial penalties can be applied for failing to attend jobcentre appointments, job interviews or training courses.

This became an issue when the coronavirus pandemic began to take hold.

The DWP confirmed that such punishments won’t be applied if you break the rules because of coronavirus – such as if you are self-isolating and can’t leave the house.

Therese Coffey, Secretary of State for Work and Pensions, said: “People will not be penalised for doing the right thing.

“I think it’s important that people do have that conversation with their work coach. As I’ve emphasised already, work coaches can exercise discretion but the important thing is that ongoing conversation which a claimant has with their work coach.”

8. Housing allowance:

Those on Universal Credit get money towards their housing costs included in their monthly payment.

Staff at the Government’s Valuation Office Agency set a Local Housing Allowance (LHA) which is used to work out how much is given to claimants renting from private landlords.

It’s based on average rents in the area where you’re living.

The Government increased the LHA from April when the benefit freeze came to an end.

People should now get more money towards their rent. It also means more rented properties are now affordable to tenants who need to move.

For instance, in Birmingham the LHA rose as follows from April 2020:

• Category A (tenant has exclusive use of one bedroom with shared use of other facilities) – increased from £57.34 to £67

• Category B (tenant has exclusive use of one bedroom with exclusive use of other facilities) – increased from £101.84 to £120.82

• Category C (tenant has use of two bedrooms) – increased from £127.62 to £143.84

• Category D (tenant has use of three bedrooms) – increased from £135.96 to £155.34

• Category E (tenant has use of four bedrooms) – increased from £173.41 to £195.62

9. Minimum income floor:

There was good news for self-employed people when the Minimum Income Floor was lifted. The MIF is an assumed level of income calculated by the DWP based on what it would expect an employed person to receive in similar circumstances.

It is used instead of a person’s actual earnings when working out how much Universal Credit they would get on top – even though self-employed people typically have income that goes up and down from month to month.

Chancellor Rishi Sunak confirmed in the March 2020 budget that the MIF would be temporarily suspended to help the economy during the coronavirus outbreak. He did not state how long this would be in place but did say it was part of a package of measures to tackle the impact of the epidemic.

So the benefits received by a self-employed person will be based on their actual earnings. Those whose income is a lot less during the coronavirus crisis – lower than the previous MIF that would have been applied – will see a rise in their Universal Credit.

10.Benefit cap

The benefit cap is a limit on the total amount of state help you can receive.

The benefit cap outside Greater London is:

• £384.62 per week (£20,000 a year) if you’re in a couple

• £384.62 per week (£20,000 a year) if you’re a single parent and your children live with you

• £257.69 per week (£13,400 a year) if you’re a single adult

The benefit cap inside Greater London is:

• £442.31 per week (£23,000 a year) if you’re in a couple

• £442.31 per week (£23,000 a year) if you’re a single parent and your children live with you

• £296.35 per week (£15,410 a year) if you’re a single adult

The DWP said: “For some of those new to the benefits system, who have been employed for the previous 12 months, the benefit cap won’t apply for a nine month period.”………………..You will get this nine month grace period if you are claiming Universal Credit because you stopped working or your earnings went down; if you are now earning less than £604 a month; or if, in each of the 12 months before your earnings went down or you stopped working, you earned the same as or more than the earnings threshold (this was £569 up to March 31, 2020 and is £604 from April 1, 2020)

#AceFinanceDesk report …………Published: June.13: 2020:

(LONDON) #Coronavirus GOVUK Charity Report: DOE Provides funding of £7-million to ‘ See Hear Respond ‘ a ‘ coalition of charities ‘ to provide help for vulnerable children and families during this #pandemic as part of this programme #AceFinanceDesk reports

#AceFinanceReport – June.08: A ‘coalition of charities’ will help vulnerable children most impacted by the coronavirus pandemic as part of a Department for Education programme: More than £7 million will fund the launch of the See, Hear, Respond service, to provide targeted help to vulnerable children, young people and their families affected by the virus and the measures put in place to stop its spread. The coalition, led by Barnardo’s will work alongside local authorities, schools and colleges, police forces, healthcare professionals and other vital services involved in protecting these children:

#Coronavirus Report: £7 million for new coalition of vulnerable children’s charities

Funding package for targeted help to young people and their families most affected by coronavirus

Department for Education

Funded by the Department for Education, the partnership will harness the role and reach of the charity sector: Barnardo’s will work in partnership with other national children’s charities as well as community-based organisations to provide solutions to the challenges facing children and families that may have been exacerbated by the unique circumstances of the coronavirus pandemic.

The launch of the programme comes as the Department for Education and Home Office prepare to open a new joint £7.6 million fund for national vulnerable children’s charities working in England and Wales on issues including child sexual abuse and child criminal exploitation: The money is aimed at those charities that have suffered financial harm as a result of the virus, helping them to stabilise and continue delivering for vulnerable children and young people.

Children and Families Minister Vicky Ford said:

We all have a collective responsibility to protect children and young people who face challenges in their home lives, or who may not have the same support network keeping them safe outside of school or college as their peers. Many of them may be at additional risk from abuse, neglect or exploitation during these unprecedented times.

By working with charities directly supporting these young people on the front line, we can expand their reach to provide a much wider safety net to those in need of mental health support, counselling or protection from people trying to exploit them, as well as helping to get them safely back into education.

Safeguarding Minister Victoria Atkins said:

As a government, we have acted decisively and adapted our response to prevent the exploitation of vulnerable children during this pandemic. I’m delighted we can provide further funding to frontline charities so those most at risk can get the help they need.

See, Hear, Respond will provide support online to children and families who are struggling, street-based youth work to identify and support children at risk of harm outside of the home, including exploitation, and help vulnerable children to successfully reintegrate back into school or college if they have not been attending during the pandemic.

The programme will focus on finding and reaching out to children around the country who are experiencing negative impacts on their health and wellbeing, as well as those at risk of harm.

This funding will provide:

  • Access to an online support package to children and families ensuring they have readily available, accessible and interactive information;
  • Online and telephone referral service by trained professionals who can source further help and support from charity workers within the partnership;
  • Online counselling or therapy for those experiencing high levels of anxiety, trauma or other mental health issues that can be safely addressed through digital means;
  • Youth interventions and face-to-face crisis support, particularly for those at risk of or experiencing various forms of exploitation, including criminal exploitation;

Barnardo’s Chief Executive Javed Khan said:

The coronavirus pandemic has meant that vulnerable children and young people are increasingly hidden from support services. With the support of the Department for Education, Barnardo’s will bring together a coalition of national and local charities working together to identify and support those who need support at this time of crisis.

This initiative is a vital lifeline for the thousands of children and young people as we navigate the coronavirus crisis and its aftermath, helping to improve their long-term outcomes so they can have successful futures.

The announcement builds on the Government’s Hidden Harms Summit, held virtually on Thursday 21 May, which focused on support for people at risk from domestic abuse, wider harms and exploitation, including children: Children may be facing additional risks during the pandemic, including being less visible to safeguarding professionals and isolated from normal support structures: At the same time, reports of domestic abuse have been rising, with the charity Refuge reporting increased visits to its website and calls to its helpline:

Harun Khan, Secretary General of the Muslim Council of Britain, said:

The pandemic has clearly exposed deep inequalities in our society, with many groups disproportionately impacted and needing extra support. Children in particular are at risk of being left behind and their needs not met. We’re pleased to be supporting Barnardo’s and the Department for Education to ensure every child that is at risk and needs additional support receives this, particularly those in marginalised groups which may fall through the net. It is imperative we all work together to make sure no child is left behind.

The project will aim to reach those children and families who are not in contact with children’s services, and the support provided to them will aim to prevent their needs escalating. The project will prioritise those most at risk of harm either inside or outside the home, including very young children and adolescents.

The Department for Education has also provided funding to other charities working with vulnerable children, including Grandparents Plus, Family Rights Group, FosterTalk, the Care Leavers Association, Become, Drive Forward Foundation and Adoption UK. This adds to investment in the NSPCC’s Childline, while some £10 million has already been committed to the Family Fund, helping families with children that have complex needs and disabilities through grants for equipment that makes their lives easier while implementing social distancing measures, including computers, specialist equipment and educational toys.

Steven Stockley, Managing Director of FosterTalk said:

The last three months has seen unprecedented times for all our families, and none more so than our foster families. Foster parents are incredibly adaptable but COVID-19 has seen additional stresses, anxieties and pressures impact on their family lives. This funding provides an important opportunity to improve both the retention and recruitment of foster parents by extending the Fosterline service to provide additional and specific crisis support.

Cathy Ashley, Chief Executive of Family Rights Group said:

The crisis monies are extremely welcome, funding us to provide specialist legal advice to an additional 900 parents and kinship carers whose children are in need, deemed at risk or are in the care system. And significantly, enabling us to work in partnership with the charity Become so we together can provide legal and child welfare advice and follow up support to young, care experienced parents in order to enable, wherever possible, their children to be able to live safely within their care.

Lucy Peake, Chief Executive of Grandparents Plus said:

We’re delighted to receive a grant to support kinship carers who have been hit hard by the coronavirus pandemic. They are older, poorer and in worse health than other groups raising children, so they are especially vulnerable. We will be extending our services to offer tailored advice and information, intensive one-to-one and peer support, and digital skills support so carers can get online. As the lockdown has progressed, new issues are emerging for kinship families. We’re delighted to be able to offer more of them the holistic and responsive support they need at this time.

The project will aim to reach those children and families who are not in contact with children’s services, and the support provided to them will aim to prevent their needs escalating: The project will prioritise those most at risk of harm either inside or outside the home, including very young children and adolescents: All funding is provided as part of the £750 million package of support committed to charities by the Chancellor. The application process for the £7.6 million Department for Education and Home Office fund for national vulnerable children’s charities will open shortly……………………..Additional funding of £125,000 will be delivered to Fosterline to deliver free-to-access and specialist one-to-one support to foster families, in recognition of the additional support needed at this time to keep foster families together:

#AceFinanceDesk report ………..Published: June.08: 2020:

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(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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(LONDON) #Coronavirus Business Report: Mercedes Formula One Team Begin delivery of 10,000 ‘ Brand New ‘ Continuous Positive Airway Pressure Devices ‘ it was announced on Tuesday to enable patients of #coronavirus to breath more easily after they have been fully evaluated by UCL and other area hospitals will now go into full production to produce a 1,000 per day #AceFinanceDesk report

#AceFinanceReport – Apr.08: The Mercedes Formula One team will begin delivery of up to 10,000 new breathing devices to the British National Health Service (NHS) this week to help fight coronavirus, the team announced on Tuesday: The Continuous Positive Airway Pressure (CPAP) devices will help patients with lung infections to breathe more easily when an oxygen mask alone is no longer sufficient:

#Coronavirus Report: F1 team Mercedes to deliver 10,000 breathing aids to the #NHS to help care for #coronavirus patients

The device was developed by a team of Mercedes engineers and University College London (UCL), as well as clinicians at UCL Hospital: After patient evaluations at UCL Hospital and other London area hospitals, the device received regulatory approval last week.

An order for up to 10,000 devices has been placed by the NHS. Mercedes’ facility in Brixworth, England — where the F1 engines are designed and developed — has been repurposed to meet that demand and is expected to produce 1,000 units per day: The new device was reverse-engineered from a previous model in less than 100 hours and received regulatory approval last week, a UCL statetment said. The revised design consumes 70% less oxygen than the earlier model.

A volunteer 'patient' with the newly developed CPAP device

A volunteer ‘patient’ with the newly developed CPAP device

“These life-saving devices will provide vital support to the NHS in coming weeks, helping to keep patients off ventilators and reducing demand on intensive care beds and staff,” said Professor David Lomas, UCL’s vice-provost.

“It is a phenomenal achievement that they are arriving at hospitals only two weeks after the first prototype was built. It shows what can be done when universities, hospitals and industry work together for the national good.”

CPAP machines help to keep patients’ airways open and increase the amount of oxygen entering the lungs by pushing air and oxygen into the mouth and nose at a continuous rate. UK-based Formula One teams are also helping to produce thousands of ventilators desperately needed by the country’s National Health Service.
There are currently 51,608 confirmed cases of the coronavirus in the UK with 5,373 deaths, according to latest figures.

F1 Furlough Staff:

Mercedes is offering a rare bit of good news in an otherwise chaotic F1 season which is yet to officially start: Formula One also announced it has placed 50% of its staff into temporary furlough and CEO Chase Carey will take a significant voluntary salary cut as part of measures to reduce costs during the pandemic: The furloughing of staff will be in place for two months to the end of May and means employees will receive 80 percent of their salary through a financial rescue scheme introduced by the British government: F1 directors and executives have all voluntarily agreed to take a 20% pay cut.

Three teams

(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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(LONDON) #BrexitNext E.U Trade Deal Statement & Report: Britain said on Thursday it wants “legally binding” obligations on access to the European Union financial market coupled with arrangements for maintaining trust as rules evolve and a level playing field or they will walk away in June #AceFinanceDesk re ports

#AceFinanceReport – Feb.27: London, Europe’s biggest financial centre, faces being locked out of its biggest export market for services like banking, insurance and asset management if there is no access to the EU from next January: A trade deal with the bloc should provide a “predictable, transparent and business-friendly environment” for cross-border financial services activities, Britain said in its mandate for trade talks with Brussels.

Britain calls for ‘binding’ obligations on EU financial market access

“The agreement should include legally binding obligations on market access and fair competition,” the document said: The EU has only spoken of “voluntary” cooperation in financial regulation.

The financial sector has said that the EU system of market access, known as equivalence, is opaque, and access can be withdrawn in 30 days, making it unreliable: Britain says it wants arrangements to allow regulators on both sides to cooperate and build “enduring” that can deal with rules as they “evolve”. 

#AceFinanceDesk report ……….Published: Read Full Hansard Statement and Trade Deal Report Here: Telegram: https://t.me/acebreakingnews/1587585 #Breaking144 Contracts & Markets News, [Feb 27, 2020 at 17:06] The Minister of State, Cabinet Office (Lord True) (Con) 11.37 am Statement My Lords, with the leave of the House OR via Ace U.K. Finance & Contract News https://ift.tt/2Vru5gh

Editor says #AceNewsDesk reports are provided at https://t.me/acenewsdaily and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com