Today’s mood – In hock

Published on 25-09-2020 12:00:00

Chancellor Rishi came to the rescue again with his winter economic plan. But, as commentators spot a major hole in it, we’re in hock, with public borrowing surging by £30bn in August.

Even The Queen has a £35m hole in her purse, though Harry has paid off his biggest debt. UK car production was down 44% in August, while London lags New York in a financial centres survey. Edison’s chief investment strategist Alastair George sees recent UK events triggering a global reassessment of COVID-19 risks.

There’s a strange kind of payback about, as Boohoo shares jump 12%, despite a review finding many failings in its supply chain. Tech titans seem to have fallen out of favour in the Time 100. In the US, a top forecaster foresees the second wave of a rolling bear market, while billionaire Mark Cuban wants every citizen to be written a $1,000 fortnightly cheque. A water bottler has become China’s new richest man.

Still, the FTSE100 is only slightly troubled. More flotations, possibly including Deliveroo, are on the horizon, as Palantir Technologies readies for a $22bn valuation in New York and Ant Group heads for the largest IPO on record. In East Africa, three countries are merging stock exchanges to boost local investment.

Wealthy Brits are shopping for citizenships in a bid to thwart Brexit. Quarantine-free Turkey, Italy and Poland have become new holiday hotspots. Domestically, we want to live in £1m houses in Norfolk, Wiltshire and Cornwall. And we’re splashing out on furniture, DIY goods and groceries to put in them.

If it feels like a giant debt bubble, you can always take a zero-emission hydrogen-fuelled flight. And as we head into the weekend, Bruce the bulldog is showing a million people where his loyalties lie.

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