Rolling coverage of the latest economic and financial news, as China’s manufacturers and services companies report growth in June
- Introduction: China’s PMIs show recovery underway
- Experts: Global recovery underway
- World markets have surged 18% this quarter
- FTSE 100 on track for best quarter since 2010
- UK economy shrunk faster than feared in Q1
- Coronavirus – latest updates
- See all our coronavirus coverage
The trio of government-backed loan schemes led by commercial banks – covering bounce back loans, CBILS and the scheme for larger businesses known as CLBILS – hit a milestone, with over 1 million firms granted emergency funding so far.
Government data released this morning showed that banks had approved over 1 million loans worth £42.9bn as of 28 June. Over 1.3 million businesses have applied. More details here.
The recovery in the stock market is partly thanks to stimulus measures such as the UK government’s Job Retention Scheme – without which many firms would have slashed their workforces.
New figures show that this scheme is now supporting 9.3m workers, who are currently furloughed on 80% of their wages (up to £2,500 per month). That’s an increase of around 100,000 in the last week, suggesting that some firms are still struggling even as the economy reopens.
The Job Retention Scheme launched on 20 April.
By midnight on 28 June there were a total of:
➡️9.3m jobs furloughed *
➡️1.1m employers furloughing **
➡️Total claimed £25.5bn