Chancellor Rishi Sunak has rejected calls to extend financial support for businesses affected by the delay in ending lockdown – despite warnings that many pubs, restaurants and nightclubs could be forced out of business.
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While most of the media has been focussing on possible bank runs, the most important development in the SVB drama has been overlooked.
Billions of dollars have been wiped off global banking stocks after SVB revealed big bond losses.
It is not many years since making motor cars was a triumph of British industrial revival. Not any more.
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