Even Rishi Sunak’s superpowers may not be enough to prevent an economic crash

“It’s a bit like a car hitting a wall at high speed,” says Peter Dixon, UK economist at Commerzbank. “You will wreck the car and you don’t just walk away.

“There will be lots of scars. A lot of people will lose their jobs, a lot of people will be furloughed and incomes are going to dry up.”

Two months ago Rishi Sunak was a little-known junior minister unwittingly about to be thrown into the centre of a once-in-a-lifetime economic crisis. Now the fate of millions of jobs and thousands of businesses hangs on the success of his mission to

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Formula One team Williams wins lifeline from Canadian food tycoon

The beleaguered Williams Formula One team has been thrown a lifeline by Canadian food processing tycoon Michael Latifi who has handed it a high-octane loan secured on its cars and factory in Oxfordshire.

Williams is one of the few F1 teams that is not owned by a billionaire or a car manufacturer. It is floated on Frankfurt’s junior exchange with 52.3pc owned by its boss Sir Frank Williams. He founded it in 1977 and it went on to become F1’s second-most successful team winning titles with British superstars Nigel Mansell and Damon Hill.

However, its performance has reversed in recent

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We must back the start-ups that will navigate us out of this storm

Great companies are built out of financial crises; we mustn’t forget to help the great new start-ups that could transform our economies

Markets across the globe have been declining at a rate not seen in decades. Companies have laid off entire workforces. Record numbers are flocking to welfare systems. To put the current crisis into perspective, the financial downturn of 2008 caused unemployment rates in Europe to rise to 11pc, over a four-year period. Estimates predict April’s figure will hit 8pc following just a single month of lockdown.

A recession is coming. So this is exactly why now is

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Oil powers reach global pact to cut production

A global pact to stem the biggest rout in oil prices for almost two decades has been all but sealed as the Opec cartel and its key allies agreed to slash production by 10 million barrels a day.

Further G20 talks also saw major producers including the US and Canada working towards their own cuts that could lop another 5 million barrels off global output.

Crude oil prices have seen devastating falls this year on a toxic combination of a supply glut, a coronavirus-triggered collapse in global demand, and a bitter price war between Saudi Arabia and Russia.

The Saudis

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