FT News Briefing Republicans to unveil US stimulus offer, coronavirus curbs European travel, Brexit talks
Jul 27, 2020
Republicans are poised to unveil a new stimulus proposal as unemployment concerns rise. Meanwhile, U.S. oil companies are ramping up production following a price crash. COVID-19 continues to wreak havoc, leading to travel restrictions across Europe. On the Brexit front, critical negotiations remain stagnant, with tensions over competition and fishing rights persisting. With deadlines looming, both the UK and EU face tough choices ahead in their future relationship.
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Stimulus Expires Amidst Economic Concerns
- The U.S. stimulus package, including $600 weekly federal unemployment benefits, is expiring.
- This coincides with rising concerns about Americans' ability to make mortgage and rent payments.
New Stimulus Proposal and Economic Concerns
- Republicans propose a new stimulus with $1,200 payments, eviction moratorium extension, and reduced unemployment benefits.
- Economists worry that reducing stimulus might depress consumption and cause a housing crisis.
US Oil Production Rebounds
- After bottoming out in June, U.S. oil production has rebounded to nearly 11 million barrels daily.
- This increase is driven by restored and unfinished wells, mainly in Texas shale fields.