After confirmation that Britain is on track for its worst economic crisis in 300 years, retrenchment lies ahead. Rishi Sunak is being warned that £30bn of spending cuts or tax rises are needed to balance the books. The FTSE 100 is on the retreat. Aviva is ‘rebasing’ its dividend, Britain’s biggest pub chains say they’re at a tipping point and falling house prices are on the cards next year as council tax jumps. COVID-19 is also setting back equality gains by leading to more chores for women. In the US, Disney is laying off 32,000 theme park staff. At Hammersmith Bridge, The Boat Race could be forced off the Thames.
As Britons learn how many tiers they can shed post lockdown, Germany’s lockdown has been extended, while South Korea is facing its biggest pandemic spike since March. Life expectancy has fallen in Sweden. Tens of millions of Americans are still travelling for Thanksgiving and a White House adviser is warning the US faces a precipice without a new aid package.
FINDING VALUABLE CRUMBS OF COMFORT
Salesforce could buy Slack for $17bn, while Britain has become the jewel in Netflix’s filming crown. Edison client IQE achieved record interim revenues and has upgraded full-year guidance. We’re also anticipating a surge in tomorrow’s first online-only Black Friday sales.
SEEING SIGNS OF PROGRESS
A species of fungus-farming ant is growing its own body armour using biominerals, something not previously seen in insects. And, while a Thanksgiving dinner for an eight-person family is apparently as harmful to the planet as a three-hour car trip, we can at least look forward to a sight in the sky not seen since the Middle Ages.