FT News Briefing Eurozone economic forecast sinks, UK businesses plea support, aerospace and Brexit
Nov 2, 2020
Europe is bracing for a tough economic forecast, projecting a 2.3% contraction due to new COVID-19 lockdowns. UK business leaders are urging the government for urgent financial support amid these challenges. The aerospace industry is feeling the strain from both Brexit and the pandemic, facing unique export difficulties and regulatory hurdles. The shift from EASA to a domestic authority complicates matters further, highlighting the need for international recognition and agreements in the evolving landscape.
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European Economic Downturn
- New lockdowns in Europe are dampening economic recovery hopes.
- Economists predict a 2.3% shrink in the Eurozone economy, worse than prior estimates.
UK Businesses Seek Support
- UK businesses need more government support during the second lockdown.
- Furlough payments won't cover rent, causing further hardship.
Aerospace Industry Crisis
- The UK aerospace industry, a major exporter, faces a cash crisis due to the pandemic.
- Government support is lacking compared to sector-specific aid in France and Germany.