THE VIRUS IN BRIEF
THE CHANCELLOR’S £350billion coronavirus rescue package for businesses failed to steady the markets yesterday as the FTSE plunged yet again.
The London-based 100 index of top UK firms dived more than five per cent shortly after opening, with aerospace firms, travel companies and housing firms leading the decline.
After more nervousness the FTSE ended the day down just more than four per cent at 5,080.58, a loss of 214 points.
The pound slumped against the dollar to trade at $1.1966.
At one point the pound hit its lowest point in 35 years when traders flocked to the safety of the US dollar as global markets reeled from the pandemic.
Sterling was down 4.4 per cent against the greenback, with £1 buying $1.153, after its value tumbled further in afternoon trading. It marks the lowest point for the currency since 1985.
European markets floundered, with the French CAC down six per cent and the German DAX losing a further five per cent. In the US, the Dow Jones also fell another seven per cent in early trading.
THE 2020 Eurovision Song Contest in Rotterdam was cancelled yesterday. The 65th edition of the event had been set to take place in May, with entries from 41 countries participating.
The European Broadcasting Union (EBU) said in a statement: “Over the past few weeks we have explored many alternative options to allow the Eurovision Song Contest to go ahead.
“We are very proud that the Eurovision Song Contest has united audiences every year, without interruption, for the past 64 years and we, like the millions of fans around the world, are extremely saddened that it cannot take place in May.”
EMERGENCY laws to stop unfair evictions from rental properties during the outbreak were unveiled last night.
Landlords will be blocked for three months from kicking out people who cannot pay their rent because of job losses or having to look after their children.
The announcements came as the government came under pressure to give workers some breathing space. A three-month mortgage holiday had already been promised to homeowners.
Housing Secretary Robert Jenrick said: “No renter who has lost income due to coronavirus will be forced out of their home, nor will any landlord face unmanageable debts.”
The government said that at the end of the three-month cover period landlords and tenants will be expected to work together to establish an affordable repayment plan, taking into account tenants’ individual circumstances.
The government will also issue guidance which asks landlords to show compassion and to allow tenants who are affected by this to remain in their homes wherever possible.