Stocks gain on US stimulus hopes as 600,000 UK workers lose jobs in Covid-19 crisis – business live
Live rolling coverage of business, economics and financial markets as stocks rise strongly in Europe
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Chancellor Rishi Sunak has appointed a hedge fund manager and former Goldman Sachs partner to the Bank of England’s financial policy committee, a key regulatory role.
The role of the FPC in enhancing and protecting the stability of the UK’s financial system has never been more important, and having highly qualified people on the committee is key. That’s why I’m very pleased to welcome Jonathan to the role. His wide-ranging expertise and experience built up over years working in financial markets will be hugely beneficial as we work to open up the economy following the Coronavirus pandemic, underpinned and supported by our world-leading financial system.
Jonathan has a wealth of experience and I look forward to welcoming him to the FPC. As a committee, more than ever as we address the economic challenges of the pandemic, we need to protect and enhance the resilience of the UK financial system. I am certain that Jonathan’s insights from financial markets will prove invaluable to our financial policymaking decisions.
The FTSE 100 is back up by 2.5%, or almost 150 points at 6,212 points.
This might be an apposite time to mention this survey of investment managers from Bank of America. There is a clear belief that equity markets are over-valued – more than at any time since the survey began in 1998.
Fund managers know the Fed has created the biggest asset bubble yet pic.twitter.com/Z0xwSfl7rE
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