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Latest updates: scheme will be reviewed in January to see if employers should contribute more; Sturgeon says tough action starting to have an effectSunak extends Covid furlough until end of March 2021Exclusive: Alok Sharma met Prince Charles after staffer’s Covid resultFamily plead for care home rule change after daughter’s arrestMinister blames public for second English lockdownGlobal coronavirus updates – live 2.24pm GMT The UK’s...

The catastrophe facing the UK is a direct result of our government’s obsession with libertarian issues. Now we must avoid repeating the same mistakesCoronavirus – latest updatesSee all our coronavirus coverageSix weeks ago, the government was given a stark warning that the nation faced a “very large epidemic with catastrophic consequences”. Only by imposing an immediate two-week “circuit breaker” lockdown could it hope to...

Latest World Economic Outlook describes shock of coronavirus pandemic as ‘like no other’Coronavirus – latest updatesSee all our coronavirus coverageThe International Monetary Fund has slashed its forecasts for global growth in response to the Covid-19 pandemic and warned of a slump in output this year unparalleled since the Great Depression of the 1930s.In its half-yearly forecasts, the IMF said the “Great Lockdown” would cause...

A singular event has economists asking the same questions as everyone else: how far is there to fall – and can we ever get back?Coronavirus – latest updatesSee all our coronavirus coverageIt is New Year’s Eve 2019 and around the world stock markets are closing for business on a high note. Shares in the US are up by almost 30% on the year, those...

The Covid-19 outbreak is forcing politicians and central bankers to set aside ideology and orthodoxy to prevent a global collapse Coronavirus – latest updatesSee all our coronavirus coverageIt is as if the lights have been switched off. The global economy has been plunged into darkness as countries hunker down in response to the Covid-19 pandemic.Most recessions develop gradually over time. When the last one...

Kristalina Georgieva compares today with “roaring 1920s” and criticises UK wealth gapThe head of the International Monetary Fund has warned that the global economy risks a return of the Great Depression, driven by inequality and financial sector instability.Speaking at the Peterson Institute of International Economics in Washington, Kristalina Georgieva said new IMF research, which compares the current economy to the “roaring 1920s” that culminated...

Prospect of crashing out of EU leaves UK more exposed to global financial risks, thinktank saysThe UK’s GDP growth rate will slip to 1% next year even if a no-deal Brexit is avoided, according to the Organisation for Economic Development and Cooperation.The OECD said the economy would slow down from growth of 1.2% this year if parliament passes Boris Johnson’s Brexit deal before the...

Past crashes spawned new thinking and reform but nothing has changed since 2008 banking meltdown, says former Bank of England bossLarry Elliott: The global economy needs to change fastThe world is sleepwalking towards a fresh economic and financial crisis that will have devastating consequences for the democratic market system, according to the former Bank of England governor Mervyn King.Lord King, who was in charge...