United States:
Yellen Faces Senate to Sell $1.9 Trillion Stimulus Package
“U.S. Treasury Secretary nominee Janet Yellen on Tuesday steps into a new role following more than a quarter-century in government: salesperson for economic policy after years of defending Federal Reserve thinking and actions. The Senate Finance Committee’s 10 a.m. hearing Tuesday is likely to feature topics from foreign-exchange policy to taxes, but it will also serve as the first congressional forum where lawmakers will vet President-elect Joe Biden’s $1.9 trillion Covid-19 relief plan. Yellen will tell them that low borrowing costs mean it’s time to “act big,” according to her prepared remarks.”
Europe:
U.K. Firms Tell Sunak They Need Urgent Help to Survive Lockdown
“Chancellor of the Exchequer Rishi Sunak can’t afford to wait for the budget on March 3 to provide extra support for hobbled U.K. firms, according to the U.K.’s biggest business lobby group. With Britain back in a severe lockdown, urgent action is needed to help companies survive, the Confederation of British Industry said in a letter to the Chancellor on Tuesday. The group is calling for an extension of the government’s job support program to the end of June, rather than stopping in April, and a “commitment to targeted support thereafter.” It also wants to see the deadline for sales tax payments pushed back and a lengthening of the business-rate holiday.”
Asia:
China’s Wide Income Gap Undercut Spending as Growth Recovers
“China’s successful control of Covid-19 made it the only major economy to have grown last year, but wide income inequality and still weak consumer spending reflects an unbalanced recovery. Here’s a deeper look at some of the data published alongside the gross domestic product report this week: Official figures released on Monday which showed that the economy’s growth rate surpassed pre-pandemic levels in the last quarter also revealed that the richest 20% of Chinese had an average disposable income of more than 80,000 yuan ($12,000) last year, 10.2 times what the poorest 20% earn.”
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