Latest PMI surveys show growth slowed at UK companies this month, while eurozone service sector shrinks
- Latest: Economists say UK recovery knocked in September
- UK growth is weakening this month
- UK composite PMI drops to 55.7 from 59.1
- Eurozone business growth fizzling out
- Markit: Risks of eurozone shrinking again in Q4
- Introduction: Pound and euro at two-month low against strong dollar
The economic fallout from the coronavirus pandemic has wiped out $3.5tn (£2.75tn) of earnings for millions of people around the world, according to the UN’s labour body.
The International Labour Organization (ILO) said income from work declined by an estimated 10.7% in the first three-quarters of 2020 compared with the same period in 2019.
Related: Coronavirus pandemic has wiped out $3.5tn in work income, says ILO
Just in: A review into a security breach at the Bank of England has concluded that the bank could have spotted the problem sooner.
Nine months ago, it emerged that some traders had enjoyed access to an audio feed of Mark Carney’s press conferences, potentially allowing them to profit from market-moving comments.
There is a non-negligible delay in any of the video broadcasts reaching screens and any audio-only stream – especially a low latency feed – would tend to be faster.
That is why the presence of an audio stream from the Bank’s Press Conferences, that was not provided by, or known to, the Bank, was a matter of such concern.
Related: Watchdog investigates Bank of England security breach
Our Review has indicated that there were occasions where, with the benefit of hindsight, this misuse by a third party supplier of the Bank’s audio feed could have been identified sooner by the Bank.
In late 2018, an external party made a specific allegation to the Bank with regards to Encoded Media’s use of its feed. This was not fully investigated because it was not considered possible in the Bank’s Press Conference environment. This was based on the Bank’s understanding of the facts, but it was incorrect.