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UK banks have agreed not to pay out dividends - after BoE firmly suggests they do not, to preserve capital for lending.

Also understand Bank of England has indicated to banks that they should not be paying cash bonuses either. More on #bbcnewsten
Bank of England PRA statement on this, confirming all UK deposit takers have cancelled dividends bankofengland.co.uk/prudential-reg…
European Central Bank did the same last week..
“The PRA also expects banks not to pay any cash bonuses to senior staff”...
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Faisal Islam
@faisalislam
a service for self-isolating Northern forty somethings...

The Hacienda live stay at home rave from #UnitedWeStreamGM is below via @Sacha_Lord

Directly streamed here #StayAtHomeSaveLives #madchester

Tony W would be proud!
#StayAtHomeSaveLives
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Faisal Islam
@faisalislam
New health data out yesterday showed sharp decrease in A&E attendance.. appears to have halved...

assets.publishing.service.gov.uk/government/upl…
This is part of why the NHS MD called on people - especially parents on behalf of sick children - to attend A&E as normal... even among those attending proportion of 5-14 year olds has halved, 15-64 yo has gone up
This is my colleague @deb_cohen important but upsetting report from last night’s @bbcNewsnight on non-Covid sick kids not getting medical attention -
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Faisal Islam
@faisalislam
Coming up on #BBCNewsSix & #BBCNewsTen what keeping wheels of industry turning during a global pandemic looks like - a socially distanced production line at UK bike manufacturer Brompton..
As BBC forecast survey shows extraordinary immediate hit to UK GDP from pandemic/shutdowns:
NEW:
average fall in UK GDP forecast in this quarter (Q2) by top economists is ... -14%...

Best - -7.5%, worst -24%

having before pandemic been forecast by same at -0.2% on avg, and last month OBR projected (not taking CV into account) at +0.4%

A rebound anticipated later..
No decimal point mistake there, minus fourteen percent, - one-seventh of UK GDP switched off, fractions of the economy, not fractions of a per cent...my understanding is such numbers, the larger ones, come as no surprise to Government.

Question is how much rebound and when?
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