Yesterday saw the chancellor announce yet another package to provide support to the UK economy as we all continue to deal with the impact COVID-19 is having on our lives, some unfortunately more than others.
Business as usual?
I am pleased to advise that we are close to fully operational, albeit with personnel and Consultants working remotely, over secure connections back to the office servers.
Cashflow is the lifeblood
Cashflow is the life blood of any business and not only businesses but also households. Given the recent turmoil we have seen induced by the coronavirus it would also appear that this has also sunk in across many other organisations this week.
In any other week
In any other week, the FTSE 100 falling through a level not seen since the immediate aftermath of the Brexit Referendum would have dominated the news.
The Saudi Arabia - Russia Oil Price War
On 9th March 2020, we witnessed a 24.1% fall in the price of oil in a single day, pushing the price of a Brent barrel close to the $30 mark, whilst also pushing global equity markets further downward. The price at the time of writing of $34.36 marks a 47.94% fall since the beginning of the year, when it stood at $66 . In the meantime, the FTSE 100 Index has fallen by 20.9% since the beginning of the year, with a staggering 7.69% fall on the 9th of March .
There is an old adage in investment markets that when the US sneezes the world catches a cold. Perhaps we now also need to include China...