“Let's stop criticizing our banks!”

More than ten years after the subprime mortgage crisis, all the light has not been shed, and yet the idea of ​​the guilt of the banks has taken hold firmly in people's minds. They are even blamed for the double fault, since after playing with fire and triggering the crisis, they allegedly asked for help from the States. This unanimous condemnation, the result of incomplete analyzes, is a heavy component of the bank bashing that has raged since then and unfortunately works against our interests. We are indeed at a critical moment when Europe, faced with the domination of American finance and the dollar, must develop its own financial capacities. The development of a strong pan-European financial sector is therefore essential if we particularly want to foster the emergence of future European gafas. 
If it is vain to hope for the complete disappearance of this bank bashing and, one might say, of the bashing market whose roots plunge both in history and in ignor…

Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

 The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 

Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said. 

Containment longer than elsewhere in Europe

The statistics body notes that, over the two quarters of recession, the British economy contracted by 22.1%, "a little less than the 22.7% observed in Spain but more than double the fall of GDP of 10.6% in the United States "over the same period.

For the ONS, this "larger contraction" in the United Kingdom than in most European countries reflects the longer duration of containment measures.

"I said before that hard times lie ahead, today's figures confirm it. Hundreds of thousands of people have already lost their jobs, and unfortunately in the months to come many more will do. the same, ”commented Finance Minister Rishi Sunak.