Monthly Archives: June 2020

Over the past four months, investors have experienced about a decade's worth of volatility.

Panic and uncertainty tied to the coronavirus disease 2019 (COVID-19) pandemic initially pushed the broad-based S&P 500 into bear market territory in just 17 trading sessions. It ultimately took less than five weeks to knock off 34% of the widely followed index's value. These are the fastest bear market declines we've ever seen on Wall Street.

Image source: Getty Images.

But over the subsequent 11 weeks, the broader market proved unstoppable. As recently as last week, the S&P 500 had bounced more than 40% from its lows and appeared to have established a new bull market. Then Thursday, June 11, happened, and investors were quickly reminded that the coronavirus pandemic hasn't simply disappeared.

Historically speaking, a correction or crash following a major bounce from a bear market bottom is perfectly normal and expected. For investors, these setbacks often provide an excellent buying opportunity to pick up great businesses on the cheap.

Best of all, you don't need a mountain of cash to take hold of your financial independence. If you have $500 you can spare for investment purposes that won't be needed to pay bills or for emergencies, then you have more than enough to buy some of the best stocks during a correction.

Image source: Facebook.

One of the smartest moves you can make when the stock market heads south is to pick up shares of social media giant Facebook (NASDAQ:FB). Although Facebook generates the vast majority of its revenue from advertising, and ad sales are likely to taper off during periods of economic weakness, a short time frame of weaker ad-sale growth should not scare investors away.

Think about it this way: Facebook has 2.6 billion monthly active users (MAU) and 2.99 billion family MAUs. A "family MAU" takes into account the number of MAUs on all of Facebook's platforms, including Instagram and WhatsApp. No matter how well or poorly the economy is performing, there isn't a platform out there that offers advertisers roughly 3 billion eyeballs. This makes Facebook the logical go-to for advertising, as well as gives the company incredible pricing power more often than not.

Perhaps the most exciting thing about Facebook is that its growth story is still in the relatively early innings. Despite monetizing Facebook and Instagram with ads, WhatsApp and Facebook Messenger haven't really been monetized yet in a meaningful way. Additionally, Facebook has only scratched the surface with the potential to utilize its platforms for payments, streaming, and other fee-based services.

In short, buying Facebook on any weakness tends to be a smart move for long-term investors.

Image source: Getty Images.

There's perhaps nothing better than when boring businesses get beat up during a stock market correction. Businesses that are mature and slow-growing may not excite during periods of supercharged growth, but they almost always have time-tested businesses that can undoubtedly survive a recession. That's why AT&T (NYSE:T) and its 6.9% yield should be scooped up by investors.

As some of you may be well aware, the biggest catalyst for AT&T is the ongoing rollout of 5G infrastructure. While it'll be both costly and time-consuming to upgrade its wireless infrastructure, the benefits are clear. AT&T should expect a multiyear technology upgrade cycle and even higher data usage than was seen with 4G LTE networks. That's great news considering that AT&T's wireless division generates the bulk of its margin from data.

Investors should also count on AT&T to deliver healthy returns from its streaming offerings. Though cord-cutting remains an issue with more traditional services, such as DirecTV, the recent launch of HBO Max is expected to offset weakness from traditional cable services.

With AT&T recently shelving its share buyback program to preserve capital and its pristine dividend, income investors can sleep easy at night knowing they're netting nearly 7% annually on yield alone.

A jubilant Warren Buffett at his company's annual shareholder meeting. Image source: The Motley Fool.

When it comes to surefire long-term winners, there's perhaps no investment that comes to mind more than Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B). Warren Buffett's conglomerate has averaged an annual return of 20.3% over the past 55 years, which is more than double the average annual return of the S&P 500, inclusive of dividends, over the same time frame.

By purchasing Berkshire Hathaway stock, investors are effectively making Warren Buffett their portfolio manager. Although diversification isn't exactly Buffett's forte, he does tend to align Berkshire's portfolio with the U.S. economy. This is to say that most of Berkshire's invested assets are held in traditionally cyclical sectors. While economic slowdowns are inevitable, one thing for certain is that the U.S. economy spends far more time expanding than contracting. That bodes well for the make-up of Buffett's investment portfolio.

Berkshire Hathaway is also historically inexpensive. Following Thursday's sell-off, it ended at just 17% above book value. By comparison, Berkshire has ended each of the past seven years valued between 31% and 59% above its book value. Perhaps it's no surprise then that the stock Buffett has been buying most recently is his own. If Buffett is spending billions buying back Berkshire stock, it's a big clue that investors shouldn't ignore.

Image source: Getty Images.

Another top-notch stock to consider adding to your portfolio during a correction is drug giant Bristol Myers Squibb (NYSE:BMY). Although growth stocks have run circles around value stocks over the past decade, it's tough to overlook a highly defensive juggernaut that's now valued at less than 8 times next year's earnings per share.

A big catalyst working in Bristol Myers' favor is the completion of its Celgene buyout in November 2019. Celgene's Revlimid, a cancer treatment most often associated with multiple myeloma, may well become the world's best-selling drug one day. It's protected from a flood of generic entrants through January 2026, and has benefited from a growing number of multiple myeloma cases, longer duration of use, label expansion opportunities, and regular price hikes. For Bristol, it's just the type of cash cow investors can come to appreciate.

Additionally, it would be a mistake to overlook Bristol Myers Squibb's cancer immunotherapy line -- specifically Opdivo. While Opdivo disappointed when it failed to hit the mark in non-small cell and small cell lung cancer trials, it's been approved to treat a laundry list of indications and is already topping $7 billion in annual sales. Considering that Opdivo is currently being studied in dozens of ongoing clinical trials, a push beyond $10 billion a year in sales from label expansion is quite feasible.

Originally posted here:

Have $500? Here Are the Best Stocks to Buy During a Correction - Motley Fool

SYDNEY A young Sydney girl has turned her entrepreneurial spark into a thriving backyard business.

For the past two summers, Emma Langille has operated Emma's Wood Stand at her home in Ashby. The 11-year-old and her father Brad Langille go to a pair of local mills where they fill their pickup truck with 10-foot pieces of slab wood the first cuts on the edges of trees as they are turned into lumber take it home and slice it into smaller pieces that she bundles and sells from a self-serve kiosk at the side of their house at 164 Howe St.

While its not exactly a normal summer job for a young kid, her motives are typical of any adolescent.

Actually, half the reason why is, sure sometimes it can be pretty boring carrying all the wood, but half of it is I just want to spend it on video games and candy things that kids like, Emma replied when asked why shes been spending most her Saturdays working on the wood stand.

However, her mother, Phany Langille, said Emma knows she cant burn through all the profits so shes running Emmas Wood Stand like any other small business.

She does have a bank account and she has to do accounting. Were trying to teach her how to have a logbook and keep track of all her sales. So, 50 per cent of her sales have to go back to the business and 30 per cent has to go into her bank account for sort of her rainy-day fund, and she can keep 20 per cent for fun stuff like video game things, buying Pokmon cards and things like that.

Brad said although he helps collect, cut and bundle the wood, and Phany prints off the thank-you labels and maintains the Emma's Wood Stand on Howe Street Facebook page, Emma is responsible for everything.

Mommy and daddy are her helpers shes the business person, he said, adding that his daughter is always trying to figure out something to bring in a little money.

Shes involved in every step of the way she has a great work ethic.

For a couple of years, Emma ran a lemonade stand, setting up shop at the St. Theresas Hall parking lot next to their home whenever the church held clothing sales. She made a little bit of pocket money but when they added up the cost of the supplies and the amount of time spent sitting around serving customers, it wasnt really worth the effort. Then, during a family camping trip in Ingonish, they noticed someone selling firewood from the end of their driveway.

So, they started Emmas Wood Stand about halfway through last summer and sold about 80 bundles of wood at $5 each. This year, business really picked up and despite a lengthy provincewide fire ban and rainy weather, theyve sold nearly 200 bundles in just six weeks.

Its going pretty good especially for an 11-year-old, he said, adding that the venture has brought the family closer together and helped Emma learn some valuable lessons when schools were closed during the pandemic.

This kind of gave her gym class, math for the accounting end of things, plus we get to hang out with her a little bit more off the video games, drive in the truck together and chat and bond.

Emmas efforts havent gone unnoticed at River Ryan Lumber where she gets most of her wood.

Assistant manager Jennifer Aucoin said she was surprised when she saw a little girl collecting lumber over the several Saturdays this spring. After talking to Emma, she decided to begin promoting the business on the mills Facebook page.

Shes a determined little girl, shes got creativity and she turned an idea into a little stand that shes making a profit on and now shes thinking about expanding into kindling, said Aucoin. Shes a great little girl. I love going out and talking to her. Whenever she shows up I make sure to have a little conversation with her.

Emma said getting bitten by flies while she collects the wood is the worst part of the job, but the lessons shes learned and a sense of financial independence are worth it.

It prepares me for the future, she said. And, I dont need to rely on Christmas for everything.

More:

Sydney girl's firewood stand is a thriving backyard business - Cape Breton Post

For most kids, their wealth extends about as far as the coins in their piggy bank. But Kim Kardashian and Kanye Wests daughter North West isnt most kids. The eldest of the Kardashian-West kids, North or Nori, as shes affectionately called by family turned seven on June 15th, and she reportedly already has a net worth in the millions. How much exactly? Lets take a look.

Obviously, it helps that North was born into a veritable Hollywood dynasty. According to CelebrityNetWorth, her reality star-turned-entrepreneur mom Kim rakes in $80 million per year and has a net worth of $350 million. And thanks to his Yeezy sneakers partnership with Adidas, Kanye recently entered the upper echelon of Hollywood earners with a net worth of $3.2 billion. So, yeah, Mama and Daddy have money to spare.

In the past, this has translated into going all out for North where presents are concerned. They reportedly dropped over $70,000 on their eldest child over Christmas. They routinely take her on exotic vacations, shes often spotted wearing designer duds and her play area in the $20 million Kardashian-West mansion is every kids dream. Norths fortune goes far beyond such spoils, though.

As reported by Hollywood Life, Kim and Kanye want North to put her best financial foot forward once she leaves their home. To ensure that happens, they have already taken critical steps towards their daughters ultimate financial independence. To that end, North already has a trust set up in her name when she turns 21, shell gain access to the multi-million-dollar account.

[Kanye] and Kim already put $5 million each into an account for her that she can have free and clear when she turns 21, Hollywood Lifes inside source said, adding of Kanye, His decisions these days are for Nori and her future. Hes trying to set Nori up where she wont have to work a day in her life. He wants her to create, innovate, and leave her mark on this world. And hes planning for her future as we speak.

While $10 million is definitely a fortune, 7-year-old North is in all likelihood worth much more than than. In fact, that $10 million is reportedly just fun money. Its simple. [Kanye] wants her to live the life shes going to be accustomed to, explained the source. Thats just spending money for her when she reaches 21. They got a whole lot more set up for her in case something were to happen to him or Kim.

And hey, judging by Norths recent stage debut at her dads Paris Yeezy show, we have a feeling shell be kicking in a few million of her own in due time. In addition to inheriting a sizable trust from her parents, she also seems to have inherited their talent which we fully expect will translate into raking in the big bucks like her famous Mom and Dad one day.

Before you go, click here to see other mega-rich celebrity kids.

Originally posted here:

Kim Kardashian & Kanye Wests 7-Year-Old Daughter North Is Already a Millionaire - SheKnows

PrinceHarry and Meghan Markle have been adjusting to post-royal life in LosAngeles since relocating from British Columbia back in March. The two announcedtheir royal exit inJanuary, and they officially stepped down in March.

Now, theyre raising their son, Archie, as a private citizen in the United States. But he might not be allowed to leave if something ever happened to Harry and Meghans marriage.

When Harry and Meghan returned to the royal family aftertheir six-week hiatus over the holidays, many thought it would be back tobusiness as usual. However, the two made a drastic decision: They would be steppingdown from their roles as senior royals. While they initially hoped to continueto serve the queen in some capacity, it was quickly realized that they wouldnot be able toachieve financial independence this way, so they left altogether.

Harry and Meghan had battled a great deal with the press when they started dating. The tabloids were ruthless toward Meghan, and it took a toll on her. There were rumors that Harry and Meghan had had a falling out with Prince William and Kate Middleton, too, and its likely that both problems played a role in their royal exit.

Besides the drama between the tabloids and other royals, Meghan and Harry were thinking of their son when they removed themselves from the family. When Archie Harrison was born last year, the Sussexes decided not to give him a royal title. Harry had always wished hed been raised outside of the spotlight, and sources close to the couple said they hoped to give Archie a more private life.

RELATED: Meghan Markle and Prince Harry Reportedly Stunned William and Kate With This Insensitive Move

Moving to the U.S. allows Meghan and Harry to escape the British press (well, hopefully) and give Archie a sense of normalcy that he wouldnt have if hed remained a part of the royal family.

It appears Meghan and Harry dont plan on leaving the U.S. any time soon, but if something ever went wrong in their marriage, Archie might not be allowed to move back to the U.K. According to royal expert Lady Colin Campbell, Archie would have to receive the OK from both parents to move back to the U.K., per a law that requires kids to remain in the country they were raised in until they are 18.

RELATED: Prince Harry is Leaning on Prince William As the Two Are Back On Speaking Terms, Source Claims

If anybodys marital home is in England and they get divorced or separated, the child is required to remain in England The same applies in America, Lady Campbell told Express. Its due to something called The Hague Convention, which was enacted in 1983. That means that once Meghan moved Harry and the baby to America And there is a separation and/or divorce, unless Meghan agrees to the baby coming back to live in England, the baby is trapped in America until he is 18.

Though Harry and Meghan seem to have a rock solidrelationship, not everyone is convinced. Simone Simmons, Princess Dianasformer psychic, once said she predicts the couples relationship wontlast more than three years. Though its not enough to go on, Simmons wascorrect about her baby prediction for the two, so its possible she is ontosomething. For now though, Harry and Meghan have settled in nicely to their newlives in the U.S.

Continued here:

Harry and Meghan's Son Archie Could be Legally Forced to Stay in the US - Showbiz Cheat Sheet

Participation banking and utilization tools of Islamic finance and economics will provide a solid, sustainable and structural alternative to the existing financial system laden with crises, President Recep Tayyip Erdoan said Sunday.

He added that Istanbul's newly built financial center will also make it a leader in the sector, given its geostrategic advantage.

He was speaking at the 12th International Conference on Islamic Economics and Finance via videoconference. This year's conference was organized by Istanbul Sabahattin Zaim University and the Islamic Development Banks Islamic Research and Education Institute (IRTI) between June 14 and June 20.

Erdoan said the current global financing system needs restructuring. It was supposed to contribute to the increase in welfare along with contributing sustainable economic activity after the 2008 global financial crisis, but the outcome was the other way around, he said, noting that those kinds of crises extended into entire economies and the real sector, "creating huge armies of unemployed people."

The global system that is based on personal and financial interest, domination and injustice, needs to be reshaped and replaced with one that is fairer, he said.

Turkey, in the last 18 years has taken very important steps to integrate alternative models based on participation, especially with the recent initiatives by state lenders with their participating financial institutions.

According to a report by Fitch Ratings published in March, growth in Turkish participation banking has surpassed the growth of conventional banks in recent years, despite the increasing market volatility.

In a statement, the international credit rating agency said that although "Turkish Islamic banks' (participation banks) share of sector assets remains small and concentrated" it is growing and the "segment growth has consistently outpaced that of conventional banks in recent years despite heightened market volatility though growth has been from a low base reflective of the entrance of three state-owned banks since 2014 and the segments generally above-average risk appetite."

The participation banks share of sector assets was 6.3% at end-2019 compared with the governments target of 15% for 2025 while it was less than 2% during the early 2000s.

"Taking all these into account, Islamic finance is our exit out of this system," Erdoan said, stressing the importance of interest-free, participatory and thus an alternative financial system.

Erdoan also emphasized the importance of ever-advancing technology and the new fintech practices that are becoming widespread.

Speaking on Turkeys fight against the economic impacts of the pandemic, Erdoan said the country used all its financial means instead of outside support and without compromising its financial independence.

The president emphasized that gross domestic product (GDP) grew 4.5% year-on-year in the January-March period, outpacing peers with one of the fastest expansion rates. As a result, Turkey stands out not only in its success in health but also in the economy, he said.

Erdoan said though the coronavirus restrictions' outcome will be reflected in the second-quarter data, for the remaining part of the year, "we do see a promising picture economically."

The country's GDP grew 4.5% year-on-year in the first quarter, the Turkish Statistical Institute (TurkStat) announced recently, after the economy showed a growth rate of 6% in the last quarter and nearly 1% in 2019 as a whole.

Compared with the fourth quarter of 2019, the economy expanded at a seasonally and calendar-adjusted 0.6%, TurkStat data showed.

The data demonstrated that the Turkish economy managed to remain less affected by the pandemic, which emerged in China last December and has so far infected over 5.8 million people worldwide and claimed more than 360,000 lives, compared with other big economies, while its growth data came in below analysts' expectations.

Also speaking at the conference, Treasury and Finance Minister Berat Albayrak said Turkey considers sustainable development very important for the real economy and that the recent developments showed "we should be going forward in terms of participating financial institutions, which are crucial for Turkey and the interest-free alternative system."

"Right after the global financial crisis they have become a momentum for industry in Turkey," he added.

Islamic banking assets in Turkey are set to double within 10 years as government initiatives drive growth in the sector, a report published by Moody's Investors Service in January said.

The Turkish government founded three new state-owned Islamic banks between 2015 to 2019, broadening access and increasing competition.

In February last year, the country's Banking Regulation and Supervision Agency (BDDK) granted a banking license to Trkiye Emlak Katlm Bankas (EmlakBank), bringing the number of Islamic banks known as participation banks locally to six in the country.

The other five Islamic banks are state-controlled Ziraat Bankas and VakifBank, which received licenses to conduct Islamic banking in 2015 and 2016, respectively, along with Albaraka Trk, Kuveyt Trk, majority-owned by Kuwait Finance House, and Turkiye Finans.

However, the minister went on to say that despite all those positive developments those institutions are not realizing their full potential. The banks need to be competitive with other finance instructions in the market, he said.

"In Turkey when we talk about the interest-free system, we always talk about participant financial systems; however, we should also be talking about insurance systems as well," Albayrak said, stressing the need for legislation and regulations in this regard.

"The interest-free system is crucial in Turkeys economy, he said, highlighting their aim to make Turkey an interest-free financial center by benefiting from the Istanbul Finance Center.

More:

Istanbul to be Islamic finance hub, sustainable alternative to current system | Daily Sabah - Daily Sabah

With the Bank of England likely to announce a further 200bn of monetary economic stimulus soon to combat the economic impact of the coronavirus crisis, Caroline Bentham argues they should think carefully about what they do with the money. She makes the case for a different design of central bank monetary stimulus direct money transfers to households and explains how this would work.

The coronavirus crisis has been a time of unprecedented change and upheaval that has left few untouched. While the immediate impact has been devastating for many, with change comes opportunity for review and progress. Those searching for silver linings are citing the renewed value for what really matters- spending time with loved ones, a more relaxed pace of life, supporting our community.

As put by the new Chancellor in charge of UK government finance, Rishi Sunak: This is not a time for ideology and orthodoxy, this is a time to be bold a time for courage. Economic orthodoxies are dissolving in the face of the challenge presented by the physical health emergency and the direct and indirect economic impacts of that. Governments internationally have defied their own spending rules to tackle the pandemic and the economic downturn which is now unfolding- the same rules which demanded austerity measures which ravaged the UK over the last decade.

I have written previously on the issue of where the money to combat the virus is coming from, and how that money might be paid back there is no magic money tree, fiscal spending will have to be paid for eventually, and now is the time to try the alternatives to austerity.

The other major tool of macroeconomic policy that receives less public attention is monetary policy. The independent Bank of England controls monetary policy, under the rationale that technical experts are the best people to make decisions about the plumbing of the financial system, rather than politicians. This ethos perhaps makes a lot of sense if we do think of the central banks role as like a plumber tinkering with the practical operational parts to make sure that finance can flow freely. However, this makes less sense if we consider the unconventional programs of Quantitative Easing finance enacted by the central banks of many of the biggest economies since 2009.

From 2009 onwards, the UKs program of supposedly temporary quantitative easing grew and was never stopped, reaching 445bn. Yes, billion roughly 30% of total UK GDP. The Bank of England generates loans like any other bank, so it created this massive pot of cash and used it to buy mostly government bonds. Some say that quantitative easing is almost the same as funding fiscal spending directly because the central banks are indirectly buying a lot of government bonds anyway, and some central banks are even providing short-term direct overdraft-type facilities to governments. The main difference is that central banks are keeping tight control of the quantity, timespan, timing and so on: they call all the shots, not the government. This is to prevent the threat of spiralling price inflation that can happen where a government controls the ability to create new finance.

Quantitative easing was originally designed to stimulate the economy out of the recession brought on by the global financial crisis. But this stimulus policys deliberate effects since 2009 include making rich people richerand hadquestionable benefitsas to how much it supported the finances of everyone else. Theres evidence that it increased intergenerational and wealth inequality through effects like driving up house prices.

Figure 1: Effects of monetary policy changes since 2007 on net wealth by wealth decile in cash terms

The Bank of England insist its not their job to prevent social side-effects of monetary policy- their only job is to control price inflation by stimulating the economy when necessary, and the government needs to implement policies to offset social inequalities caused by central bank policies.

A potential different design of central bank monetary stimulus is direct money transfers to households. The Bank of Englands own researchshows cash transfers to households could be just as effective as quantitative easing at stimulating the economy. Studies of programs of universal payments to households show the endless potential benefits. Pilot studies of basic income payments to households have found benefits for a wide range of social wellbeing factors: a recent 1-year study in Finland found improved levels of mental, physical and financial wellbeing for recipients; a similar study in Namibia found positive results in areas like reduced community poverty and crime rates and improved education attendance. Researchers in Canada proposed a basic income pilot on the basis of evidence that it could reduce domestic violence, as greater financial independence supports abuse victims to walk away from abusive relationships.

A recent study of how basic income could be implemented in the UK finds the fundamental issues are of fiscal affordability and how to sufficiently support incomes of people in need. But this policy proposal would never be intended as a universal basic income. This is the Bank of England carrying out monetary policy easing to stimulate the economy. If the Bank of England is going to inject this amount of cash into the economy anyway, the issue of affordability has already been decided as null (though see here for arguments against this). The payments would not be designed to provide a full income: it would be a more equitable distribution of funds which otherwise might be hoarded by the financial sector as the Bank of England acknowledges happened in rounds of quantitative easing over the last decade.

The coronavirus crisis has caused a set of circumstances where a cash boost to households could be exactly what can best support both social wellbeing and economic recovery: the US Treasury recently announced they are giving all but the highest earners $1200 per person. A thriving financial sector is unsustainable if the lives of the masses of normal people are crumbling.

The Bank of England announced an additional 200bn of quantitative easing in March and has said it is possible they could announce more in the near future, perhaps as soon as their next meeting on 18 June. In this time of established economic orthodoxies being swept away, it is time to accept that the social impact of economic policies does matter. The design of central bank policies does matter. Further rounds of monetary stimulus must consider how effectively it supports the economy and society in the context of the COVID-19 crisis, especially if it is never paid back, as the Bank of England plans a large chunk of their previous rounds of quantitative easing to never be paid back.

If the Bank announces a further monetary policy stimulus of 200bn, that equates to 3000 for every person in the UK. This could be paid to individuals as a lump sum, or it could be paid as an income support grant of 250 per month per person for a year. This is not supposed to replace any social security income support but be a one-off coronavirus crisis policy in addition to fiscal spending. Conceptually at least, this represents somewhat equitable treatment if we consider that a person earning 100k would receive 3% of their income while a person earning 6k would receive a 50% income boost. A universal rate also reduces the cost and bureaucracy barriers to everyone receiving it, but leaves the possibility of the government reaping some back through taxation for higher earners.

This type of policy proposal has long been considered taboo so frustratingly little direct academic research has been conducted on it, though there is new interest in the coronavirus context. Cognate examples of short-term stimulus payment programs like basic income pilots, one-off tax rebates and small lottery wins can provide clues as to what the design and outcomes could be. Quantitative easing and other unconventional uses of central bank money were also considered taboo before 2008.

As Rishi Sunak has urged, now is the time for bold action. Policy makers must decide whether to maintain orthodox paradigms for which evidence is faltering, or have the courage to consider alternative policies in this time of change.

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About the Author

Caroline Bentham is a PhD Economics candidate at the University of Leeds, funded by a Stell scholarship for research in social and political sciences. She previously spent several years working in economic policy, including roles at the Bank of England, Ernst and Young Financial Services Advisory, and ending as an Assistant Director at the Department for Business, before returning to academia.

All articles posted on this blog give the views of the author(s), and not the position of LSE British Politics and Policy, nor of the London School of Economics and Political Science. Featured image credit: by Sandy Millar on Unsplash.

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Direct cash transfers to households: the Bank of England's response to COVID-19 and the end of orthodoxy - British Politics and Policy at LSE