After the flurry of big announcments last week, this week felt quiet in comparison.
All eyes are now back on lockdown… with increased COVID cases, the new Tier 2/3 areas rolling out across England, together with enhanced restrictions in Wales, NI and Scotland too.. the focus was on what this means for business and what can be done to help.
-> Covid-19: UK workers to get 67% of pay if firms told to shut
In financial services, the split between the desire for loans and funding, from customers, however restraint from the banks continues. You wonder how much the gap will be picked up by the alternative lending sector and fin tech if this continues.
-> Mortgage applications soar after coronavirus lockdown lifted
-> Banks use housing mini-boom to raise price of mortgages
Generally there is a sense that the economy is picking up… not exactly returning to normal, more that we have to carry on as we cannot put everything on hold forever.
There is also a migration away from Credit to Debit card which is also interesting… Some segments of the population have used this event as an opportunity to save and re-orientate their financials… other I suspect have not (or cannot)… we will see this flow through over time.
-> Debit card spending hits record high in July
-> BOA: Consumer Spending Up, Delinquencies Down
In wider economic news, BoE is still discussing negative rates. This has been long trailed for reaction and just wonder if this may happen.
-> Bank of England questions banks over negative rates
We are all working from home more, and again with re-lockdown, some concern on the mental helath aspects of this. I suspect it is the always ‘at home’ piece that is making many of us grumpy as much as the ‘working from’ element… although it is a new balance for many people for sure.
-> Four in 10 office workers fear the effect of working from home on mental health
Lastly, we are at home and have all been heavily reliant on the internet in particular for communication. This has surged (as is amazing how well the infrastructure held up – well done to the telco engineers) and the impacts can now be seen in recent statistics.
-> UK’s internet use surges to record levels
-> UK talks for longer during lockdown
-> Canadians spend more money and time online during pandemic and over two-fifths report a cyber incident
Have a good weekend everyone… @chris_w_tweet
