UK household finances weaken as job worries mount; Ryanair cuts capacity – business live

Rolling coverage of the latest economic and financial newsLatest: Ryanair cuts capacity by 20% in September and OctoberUK financial wellbeing deteriorated in AugustTravel stocks falling againSchroders and PWC back home workingEarleir:Introduction: Japan suffers worst slump in decadesUS-China trade talks postponed 2.54pm BST Zoe Bailey of financial planning service Tilney fears that UK households will remain under financial pressure for the next year, with Covid-19 likely to drive up unemployment.Here’s her take on today’s financial wellbeing report:“Today’s figures highlight the growing financial concern felt by households this summer, with people’s financial wellbeing falling further in August to 40.8 from the slightly more optimistic 41.5 in July”.“In recent months, economic turmoil has had a profound impact on UK households and painted a gloomy picture of financial pessimism. With the UK now in a recession, figures from the IHS survey also spells out a further pessimism for the next 12 months, as many will be at further risk of redundancy as spending plummets. And with the Government’s furlough scheme coming to a close in October, people will be thinking ahead to how their income will be affected. 2.36pm BST Over in New York, the stock market has risen slightly at the start of trading – back towards their record highs.The S&P 500 index has gained 10 points, or 0.35, to 3,383.68 points — only 10 points away from its highest level (back in February, before the pandemic).Because they’re inveitably going to be needed at some point…S&P all-time closing high: 3386.15S&P intraday all-time high: 3393.50$SPX Continue reading…
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