UK News ALEX BRUMMER: China's Covid comeback could benefit us all

02:30  20 october  2020
02:30  20 october  2020 Source:   dailymail.co.uk

Jane Seymour watched Dr. Quinn, Medicine Woman with her grandchildren

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ALEX BRUMMER : There is scant comfort for Britain in seeing China - the source of the deadly Covid -19 virus - emerging Nor can we ignore growing international concern that in the race to return to business as usual, many ALEX BRUMMER : The ability of China ' s leader, Xi Jinping (pictured)

By Alex Brummer City Editor For The Daily Mail. Chancellor George Osborne (pictured) painted a bleak picture of threats to the global economy, as market turmoil in China continued to send shockwaves around the world.

a tall building in a city: MailOnline logo © Provided by This Is Money MailOnline logo

China is not flavour of the month among the Western democracies at present.

It is deplored for its human rights atrocities against the Uighur minority, demolition of democracy in Hong Kong, the telecoms autocracy of Huawei and above all the visitation of the Covid-19 pandemic.

It will not be surprising that there are citizens in the UK who are less than thrilled with the rapid recovery of the People's Republic from the disease-induced world slump.

a view of a city: Past the worst? Containers stack up at Shanghai's deep water port. Output in China rose by 4.9 per cent in the third quarter. The data shows almost all sectors of the economy improving © Provided by This Is Money Past the worst? Containers stack up at Shanghai's deep water port. Output in China rose by 4.9 per cent in the third quarter. The data shows almost all sectors of the economy improving

In a globalised, connected world, it is impossible to unhinge from China's economy in spite of the efforts of Donald Trump to punish Beijing for its cavalier approach to world trade.

ALEX BRUMMER: Enter the age of penury

  ALEX BRUMMER: Enter the age of penury Ten days ago Rishi Sunak made his bow towards past Tory values by reminding the nation it was his duty to balance the books. That was before he unveiled a new series of bailouts.That was before he unveiled a new series of bailouts, including a 65 per cent wage subsidy for workers on furlough in the highest tier Covid neighbourhoods.

ALEX BRUMMER : Reports that Boris Johnson and his Chancellor Sajid Javid are considering a 'mansion tax' on higher priced homes in Britain as well as a raid on the tax relief on pensions savings are shocking. If so, it' s a blueprint to make us all poorer, writes ALEX BRUMMER .

Covid -19 first emerged in central China in Wuhan in December and by early April, lockdowns were lifted as the country gradually re-opened factories and businesses while travel restrictions were loosened. Policymakers released targeted stimulus measures from tax cuts and lower interest rates to

But with the West looking at an American-sized £21 trillion shortfall in output as a result of Covid-19, it is hard not to draw some comfort from China's recovery from the depths of recession.

Output in China rose by 4.9 per cent in the third quarter. The data shows almost all sectors of the economy – including retail sales, domestic travel, entertainment, construction and business investment – improving.

The upturn has been boosted by monetary easing, heavy borrowing and government infrastructure investment in the provinces.

The spillovers for the rest of the world's economy will be considerable. In spite of the blight of the new security law in Hong Kong, it too is roaring back.

The Hong Kong Stock Exchange has been rewarded with a share of the Ant Financial initial public offering worth an estimated £27billion.

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Billionaire software tycoon Bill Gates has urged the US to prepare for a Covid -19 vaccine rollout by In places like Nigeria we had to go to the religious leaders, talk to them, have them speak out, you know Very few people can look at the formulation or data directly. Coronavirus czar Anthony Fauci

By Alex Brummer for the Daily Mail. The toxic combination of events looks as if it could be deeply destabilising for us all . Far from partying on the ski slopes of Davos, the Prime Minister and the Chancellor could well find themselves drawn into emergency talks on how best to restore confidence

Meanwhile, Hong Kong's legendary real estate market is roaring back with a record 23,000 applications for the first 391 apartments in a new 3,000 housing complex in Kowloon.

On the mainland, imports surged by 13 per cent, encouraged by improving retail sales which should be good for UK luxury firms such as Burberry and for motor car exports from Europe.

Investment in infrastructure and construction will be helpful for iron ore champions Rio Tinto, one of the biggest players in Australian mining.

China's ruthless and unfettered test-and-trace approach to containing Covid-19, along with the fact President Xi Jinping doesn't have to worry too much about the likes of Andy Burnham and other local politicians, mean that as well as being the source of the pandemic, it has been successful at containing the virus.

Like it or not, China's recovery could benefit us all especially if tourists were to regain their enthusiasm for Bicester Village and Selfridges.

Could the UK recreate China's digital currency trialled in Shenzhen?

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By Alex Brummer for the Daily Mail. Nvidia’ s acquisition of Arm would make it the dominant supplier of smart chips to Apple, Samsung and Chinese phone makers. It would thrust Arm, which maintains a politically neutral stance over where it licenses its smart chips, into the furnace of US - China relations.

ALEX BRUMMER : In his first major speech of the campaign today, Jeremy Corbyn is slated to take direct aim at a host of wealthy individuals But Labour' s spending commitments are the tip of an economic iceberg that could bankrupt the nation. At the heart of their project is Marxist redistribution.

It is all very dispiriting as the rest of the world suffers, but spending power speaks a language we can all understand.

Land grab

As the grande dame of UK property, where Land Securities goes others are likely to follow.

The decision of chief executive Mark Allan to sell £4billion of assets, many of them sub-performing retail sites, signals a big change of direction.

The over-exposure of Britain's real estate sector to shopping has been one of the big features of Covid-19, sending Intu to Carey Street and hammering its would-be partner Hammerson. Landsec will dispose of some of its London portfolio but it is not giving up on the capital.

The message is that it thinks that the Covid-19 desertion from urban centres is not permanent and they will come roaring back.

Occupiers will want different, more flexible space which allows for home working and some retail and residential mix.

It doesn't believe that London real estate has become moribund and thinks there is still a great deal of foreign interest in mature, leased London real estate.

If the scale of the £5billion portfolio reportedly owned by the United Arab Emirates ruler Sheikh Khalifa bin Zayed is an example, that is manifestly true.

'We won't break the law': Burnham would accept Tier 3 if imposed on Greater Manchester

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China is stepping out from quarantine into a very different world: the days of China being the world’ s factory are over. The exodus of companies leaving China had been underway for years—even before Trump’ s trade war and the COVID -19 pandemic—and it’ s not something that Beijing has

Why the 'experts' are too gloomy: ALEX BRUMMER says Budget watchdog has a flawed record when it comes to forecasting. This is so he can pump more money into the NHS, help the young and first-time buyers to get their foot on the housing ladder, and to prepare for extra costs of Brexit.

Landsec shares have slumped more than 50 per cent from the high achieved in February. They still sell at a huge discount to underlying asset values.

Property can be a slow mover in a slump. But the fact that Landsec exists at all is testimony to founder Harold Samuel who recognised the value of bombed out London after the Second World War.

Life lines

Britain's life and pensions companies are showing great creativity amid the Covid catastrophe.

Legal & General is putting its faith in UK science and innovation by investing £200million with the University of Oxford to build a new 'Life & Mind' centre, which will bring together its zoology, plant sciences and experimental sciences departments.

ISA and policyholders should be encouraged that hard-earned savings are being wisely invested in the nation's future.

Read more

UK is recording more Covid-19 deaths per million people than the US .
Two people for every million in the population are dying from Covid-19 in the UK and US every day. But the UK's seven day average is slightly higher, at 2.63 compared to 2.4.Both countries are currently recording around two Covid-19 deaths for every million people — but Britain's rate stands slightly higher at 2.63, compared to 2.4 in the US.

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