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The Telepgraph reports that the Treasury is preparing contingency plans to take emergency stakes in companies threatened with collapse by the coronavirus.

Opening paragraphs

  • It is understood that it has approached a City figure who has worked for the Government before to lead a “bailout taskforce” which would inject vital funds into potential corporate casualties in return for equity stakes.
  • A senior City source said: “This is work all night, sophisticated stuff, and as and when it moves it will have to move incredibly quickly. In three or four weeks’ time they will be deluged.”
  • The leader of the group is expected to bring in a team from top investment banks and be “ready to sit down and do deals”.
  • “A couple of calls have gone out from the Treasury and it will be done very quietly,” the insider said. “This is going to be bloody hard work, it’s not a sinecure. There will be a lot of pressure, and stewards’ inquiries afterwards.”…

GBP/USD update

  • GBP/USD:  Death cross pattern, rising cases, and evidence of economic damage all point down