UK TO DONATE 100 MILLION COVID-19 JABS TO THIRD WORLD COUNTRIES

The UK is to donate 100 million surplus Covid-19 jabs to third world countries with five million doses to be donated by the end of September. Prime minister Boris Johnson has also committed to donating a further 95 million doses within the next year, including 25 million more by the end of 2021. Mr Johnson said: ?Since the start of this pandemic the UK has led the way in efforts to protect humanity against this deadly disease.? (Sky News)

The prime minister's announcement came after president Joe Biden announced that the US would donate 500 million doses of the Pfizer jab (The Times).

BANKS MUST COVER THE HIGH RISKS OF BITCOIN

The Basel Committee on Banking Supervision, made up of regulators from the world's leading financial centres, is proposing a ?new conservative prudential treatment? for crypto-assets that would ensure banks are able to put aside enough capital to cover 100 per cent of potential losses (The Guardian).

The Basel Committee said that digital currencies posed ?unique risks? to the banking industry and should be treated in a way that ensures banks have enough extra capital to absorb losses in case their prices fall to zero (The Times).

NEWS IN BRIEF

The UK economy grew 2.3 per cent in April as shops reopened, which is the fastest monthly growth since July 2020. The Office for National Statistics (ONS) said shoppers spent more on the high street, pubs cafes and restaurants than on cars and caravans (BBC News).

The prime minister is considering delaying the end of Covid-19 restrictions for one month to give businesses certainty and allow time for people to be fully vaccinated. Plans are being discussed for either a two-week or a four-week delay, although ministers are concerned that a two-week delay would not allow enough time for businesses or individuals to get their second jab (The Times).

Mortgage borrowers are paying out less in interest than at any time in the past 20 years, even as UK house prices have soared. Borrowers spent £31.6 billion on mortgage interest in the 12 months to April of this year (Financial Times).  

Former prime minister Theresa May has said that incomprehensible travel restrictions are costing jobs and crippling the country. Mrs May said Britain appears 'shut for business? and is ?falling behind? the EU in reopening travel, despite being way ahead on vaccinations (The Telegraph).

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Mike Conroy, Director, Commercial Finance, discusses the opportunities ahead for supporting growth and managing the post Covid-19 economic recovery.