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Things are looking up.
Spending was always going to bounce back quickly when restrictions lifted but the vitality of the recovery has surprised even the Bank of England.
The vaccination program continues apace, Covid-19 lockdown measure are slowly being withdrawn and economic activity is rebounding strongly.
The latest survey data suggests that more than eight in 10 businesses are trading again.
Hairdressers can’t cut fast enough, credit and debit card spending is back to almost normal levels and the housing market is on fire.
What’s behind the more positive outlook on employment? Bank of England Governor Andrew Bailey explains:
Bitcoin (CRYPTO: BTC) and other crypto assets if they are ready to lose everything.
What Happened: According a Thursday Bloomberg report, Bailey warned investors about crypto assets and said to buy them only if you’re prepared to lose all your money.
At the same time, he said that the central bank is well-positioned to respond to any threats to financial stability that might arise from crypto assets. He also criticized how those assets are categorized.
“I’m afraid crypto and currency are two words that don’t go together for me. They have no intrinsic value.”
While Balley may be not convinced that crypto assets have any value, the organization that he leads surely recognized the potential of the technology on which cryptos are based.
Britain braced for fastest economic recovery since Second World War
Bank of England forecasts growth of 7.25pc this year with a bounceback unprecedented in modern times, says Andrew Bailey
6 May 2021 • 6:53pm
Bank of England Governor Andrew Bailey has hailed the fastest recovery in modern times as Britain surges back from the worst recession in over three centuries.
The Bank is predicting a 7.25pc jump in growth this year, well ahead of the 5pc it forecast three months ago and the biggest rise since the height of the war effort in 1941.
Mr Bailey said: “I don t think we ve had a bounceback quite of this nature, certainly in modern times,” Mr Bailey said.
Brussels bid to cut off the City is backfiring, watchdog warns
Financial Conduct Authority chief Nikhil Rathi says European banks suffering from EU reluctance to grant equivalence for UK finance firms
6 May 2021 • 3:03pm
A Brussels plot to lock the City out of European markets has backfired and harmed the finances of banks on the Continent, the boss of the UK s finance watchdog has said.
Nikhil Rathi, head of the Financial Conduct Authority (FCA), said in a first major intervention that European Union lenders have lost market share because of resistance to a so-called equivalence deal that would have preserved ties with Britain.
The worldâs oldest central bank is exploring the future of money
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By Morgan Meaker
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When three gunmen smashed through the skylight of a Stockholm cash depot before escaping with millions of kronor, it set in motion a chain of events that would transform the future of Sweden.
The 2009 âVästberga helicopter heistâ is known as the most audacious of a spate of robberies that hit Sweden during the 2000s. Today, its legacy lives on because it cemented the idea among Swedes that cash had become an incentive for crime.