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The Week in Review Monday 20 April

“There is light at the end of the tunnel” reduced to under 1, meaning that, on Trump’s plans to reopen the US economy On Thursday, as anticipated, Foreign average, each infected person is infecting in a three-stage approach. Helping Secretary Dominic Raab confirmed that less than one other person. markets shrug off a 6.8% decline in Chinese GDP in Q1, sentiment was also lockdown measures would be extended Furlough scheme extended for at least a further three weeks, buoyed by Boeing’s announcement it outlining five specific points which the On Friday, Chancellor Rishi Sunak would resume production of commercial government would need to be satisfied announced that the Coronavirus Job jets. Oil prices have been weak, despite of before considering it safe to adjust Retention Scheme would be available the Organization of the Petroleum the measures: for another month until the end of Exporting Countries and other producers June and would be extended again announcing a deal to cut output. • The NHS must be able to cope and “if necessary”. Under the scheme, the provide sufficient care government covers 80% of workers’ Also on Friday, the International Monetary Fund updated its COVID-19 • Evidence showing a sustained and wages up to £2,500 per month. Mr Sunak commented, “With the extension of the response, ‘Assuming the pandemic fades consistent fall in daily death rates in the second half of 2020 and that policy coronavirus lockdown measures yesterday, actions taken around the world are • Reliable data showing the rate it is the right decision to extend the furlough effective in preventing widespread firm of infection is decreasing to scheme for a month to the end of June to bankruptcies, extended job losses, and manageable levels provide clarity.” system-wide financial strains, the Fund • Ensuring the supply of tests and A “colossal undertaking” projects global growth in 2021 to rebound Personal Protective Equipment (PPE) to 5.8%. This recovery in 2021 is only partial could meet future demand The government continues to face criticism for not providing enough as the level of economic activity is projected • Confidence any adjustments will not PPE for healthcare workers. As supply to remain below the level we had projected trigger a second peak. challenges persist, thousands of items for 2021, before the virus hit.’ He went on to justify the continuation of of PPE are scheduled to arrive in the UK, Ray of sunshine meanwhile Public Health England has measures, “We’ve just come too far, we’ve Capturing the hearts of the nation, lost too many loved ones, we’ve already revised guidelines on PPE use. 99-year-old veteran Captain Tom Moore, sacrificed far too much to ease up now, Alok Sharma, Business Secretary, led has raised over £25m for the NHS, by especially when we’re beginning to see the the Friday daily briefing and outlined completing 100 laps of his garden before evidence that our efforts are starting to pay the setting up of a Vaccine Taskforce his 100th birthday. A truly heroic effort. off. And your efforts are paying off. There is to accelerate, expedite and coordinate The NHS has invited Captain Moore to light at the end of the tunnel.” efforts to research and produce a be the guest of honour at the opening Despite the sombre news of the rising coronavirus vaccine, positioning the UK of the new Nightingale hospital in death toll, heart breaking losses for every at the forefront of international efforts Harrogate to honour the Yorkshire family affected, there are some positive to fight the virus. He called producing native’s fundraising efforts. indicators. The number of people being a vaccine a “colossal undertaking” that hospitalised in certain parts of the would take many months. Keep in touch country is decreasing, some flattening of Financial advice is essential in the current the curve is evident as social distancing Economy and markets circumstances. You can rely on us for measures begin to feed through. The Global markets rallied on Friday as considered, measured advice to assist rate of infection in the community has investors were encouraged by President you in navigating these uncertain times.

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