UK debt is now higher than the country’s entire GDP for the first time in 57 years – Mirror Online

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Massive borrowing to fund the fight against coronavirus means the UK’s debt is now bigger than the country’s entire economic output for the first time since 1963, official statistics have revealed. Ministers borrowed a record-setting £55.2 billion in May according to the Office of National Statistics, sending public sector borrowing nine times higher than this…

MAGGIE PAGANO: Slavery’s shameful legacy haunts the FTSE 100 – This is Money

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When the British government abolished slavery in 1833, around 47,000 individuals involved in the slave trade were compensated for the ‘property’ they had lost overseas. The property in question referred to the men, women and children whom they owned as slaves, as well as the plantations. To compensate for their loss of slaves, the UK…

Cheap petrol drives inflation to a new low – The Times

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Prices grew at their slowest pace in four years last month as cheap oil and subdued demand suppressed inflation. Consumer prices inflation slowed to 0.5 per cent in May, down from 0.8 per cent in April and significantly below the Bank of England’s target of 2 per cent. The drop was in line with forecasts….

Four conclusions from latest UK labour market data – Financial Times

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A huge shock is unfolding in the UK labour market. Official figures published on Tuesday show that almost three million people are claiming unemployment benefits; while more than 600,000 have dropped out of payroll employment and more than 100,000 out of self-employment since the start of the lockdown. Pay has fallen in real terms and…

Primark worker reveals first day chaos as shop reopens and says customers will try on clothes even though – The Sun

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A DISTRAUGHT Primark worker has revealed what it was like during today’s reopening chaos, claiming there are still social distancing concerns. The employee, who spoke on condition of anonymity, described the day as “hell” and said keeping customers two metres apart just wan’t realistic. ⚠️ Read our coronavirus live blog for the latest news & updates 25…

Woe for retailers as half of shoppers could stay at home – Telegraph.co.uk

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The scale of the challenge facing retailers opening their doors for the first time since March is laid bare today by worrying new evidence suggesting half of shoppers could stay away. The exclusive YouGov poll for The Daily Telegraph also suggests that four in ten consumers will cut spending below pre-lockdown levels as the economic havoc…

British Airways branded a ‘national disgrace’ by MPs – Telegraph.co.uk

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British Airways’ plans to cut up to 12,000 jobs have been condemned as a “national disgrace” by an influential committee of MPs. The House of Commons Transport Committee concluded the airline’s reaction to coronavirus was “a calculated attempt to take advantage of the pandemic to cut jobs and weaken the terms and conditions of its…

UK economy shrank 20% in April due to lockdown – BBC News – BBC News

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The dramatic economic effect of the lockdown has been laid bare, with figures showing that the UK economy shrank by more than a fifth in April. It’s the largest monthly contraction ever recorded – in the first full month of lockdown. The slump of 20.4% in economic growth is three times larger than that seen…

Analysis: Who’s used the UK furlough scheme? – Sky News

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Sky News’ Economics Editor takes a detailed looked at the UK furlough scheme and it’s impact since coronavirus struck the UK. SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews Follow us on Twitter: https://twitter.com/skynews Like us on Facebook: https://www.facebook.com/skynews Follow us on Instagram: https://www.instagram.com/skynews For more content go to http://news.sky.com and download our apps:…

Firms can’t cope with no deal and virus – CBI boss – BBC News

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Image copyright Getty Images British firms do not have the resilience to cope with a no-deal Brexit after the battering of the coronavirus crisis, according to the outgoing boss of industry body the CBI. Carolyn Fairbairn said a CBI member had likened a no-deal to “setting the shed on fire” while the house was in…