‘So far, so V’: Bank of England’s Haldane sees sharp bounce-back | Business News

The UK economy is on course for a V-shaped recovery from the coronavirus crisis though the risk of a prolonged period of unemployment remains, according to the Bank of England’s chief economist.

Britain is widely expected to have entered a steep recession as a result of the lockdown – but it appears to be bouncing back more quickly than previously expected, Andy Haldane said in a webinar speech.

He said the economy was benefiting from a rebound in consumer confidence since restrictions began to ease.

UK economy shrinks by 20.4% due to virus

Referring to the question of whether the downturn would be U-shaped – indicating a prolonged downturn – or V-shaped with a sharp bounce-back, Mr Haldane said: “It is early days, but my reading of the evidence is so far, so V.”

The remarks came as official figures showed the economy had performed even worse than initially estimated

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Coronavirus: EasyJet board shake-up sees pay chair take off | Business News

The former boss of Royal Mail is to step down as chair of easyJet’s boardroom pay committee amid a frantic reshuffling of directorships at the low-cost airline.

Sky News has learnt that Moya Greene, who only took on the remuneration role last year, has signalled to John Barton, the company’s chairman, that she wants to hand it over.

Ms Greene is understood to be planning to remain on the easyJet board, which she joined in 2017.

Lygon Group, the headhunter, is said to have been given the mandate to find a new remco chair.

The assignment may be a tough one, with public company chief executives expected to see their pay packages significantly diminished for years as a result of the coronavirus pandemic.

It is the latest in a frenetic series of changes to the line-up in easyJet’s boardroom, which was placed under siege in March by Sir Stelios Haji-Ioannou,

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Boohoo shares surge as retailer sees virus-busting sales growth | Business News

Boohoo, the online fashion retailer, has seen its share price surge after reporting stronger than expected sales growth during the coronavirus pandemic.

The company’s trading update and updated forecasts for sales, which exceeded market expectations, also confirmed a story by Sky News that it had snapped up the online operations of Oasis and Warehouse for £5.25m.

Boohoo said the acquisition to its multi-brand platform would help it build momentum as it bucked the trend of plunging sales for high street competitors – largely shuttered since late March because of the COVID-19 lockdown.

Huge queues as England’s shops reopen

The company bought Karen Millen and Coast last year and said on Wednesday that they were “trading strongly” as it reported a 45% leap in sales to £368m during its first quarter covering the three months to 31 May.

That smashed analyst forecasts as virus crisis disruption clouds crystal balls.

Boohoo said

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Vacation Rentals: Watchdog scrutiny sees refund policy reversal at holiday rental firm | Business News

Scrutiny by the competition regulator into the holiday accommodation sector has led to change in policy at a holiday lets firm.

The Competition and Markets Authority’s investigation into cancellations and refund policies in the tourism industry has led Vacation Rentals to begin offering refunds to its customers.

It said the firm behind Hoseasons and Cottages.com voluntarily changed its policy after originally failing to offer refunds to all customers whose trips were cancelled due to the coronavirus pandemic.

The CMA said Vacation Rentals has now given a “formal commitment” that customers will have the option of a full refund.

The firm is owned by Expedia, an American online travel giant, and was only one of a number of companies that had been reported to the CMA’s COVID-19 Taskforce that was set up to monitor problems facing consumers as a result of the pandemic and the lockdown.

Confusion over holiday refunds for
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