UK borrowing hits September record; BoE warns of jobless risks – business live

Rolling coverage of the latest economic and financial newsLatest: BoE deputy governor warns of labour market scarringRamsden: joblessness could rise faster than thoughtUK on course to borrow £1bn a dayIntro: UK borrowed £36.1bn last month – a September recordAnalyst: No problem financing Covid-19 deficitInflation rises as Eat Out to Help Out ends, but still low 3.02pm BST Newsflash: Bitcoin has hit its highest level of the year, after Web payment platform PayPal said it would allow its customers to buy, sell and hold bitcoin and other virtual coins.Reuters has the details:PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement.PayPal hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations, President and Chief Executive Dan Schulman said in an interview.The news sparked an exuberant response from crypto fans who pointed to a string of recent announcements that suggest wider acceptance by old-school financial mainstays.Two public companies — Square Inc. and MicroStrategy Inc. — said recently that they invested in Bitcoin. And Fidelity Investments announced in August that it’s launching its first Bitcoin fund, adding its establishment name and star power to the often-maligned asset class.This PayPal news is the biggest news of the year in crypto. All banks will now be on a race to service crypto. We have crossed the rubicon people. Exciting day. https://t.co/hXpiJEDOb3 2.41pm BST The New York stock market has made a very muted start to trading.The Dow Jones industrial average has dipped by 36 points to 28,271, as investors continue to fret about whether a US stimulus package will be agreed (the two sides are still talking). Continue reading…
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