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Nobel Prize in Economics awarded to Milgrom and Wilson for auction theory work – business live | Business

Nobel Prize in Economics awarded to Milgrom and Wilson for auction theory work – business live | Business

A Jobcentre Plus in London.

A Jobcentre Plus in London. Photograph: Yui Mok/PA

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Britain faces a surge in unemployment before Christmas, economists fear, as business struggle under lockdown restrictions and the government prepares new rules for areas where Covid-19 is the biggest threat.

The CEBR thinktank is warning this morning that at least 1.25 million more people are at risk of losing their jobs by Christmas, as it hikes its Christmas unemployment forecast.

With Covid-19 still battering the economy, more companies will be forced to lay staff off – particularly those who were furloughed since the lockdown.

As CEBR warns…


The job market outlook is negative for the coming months…

…the coming winter looks set to be a tough one.

That would push the jobless total towards three million – up from 1.4m this summer. It would drive the unemployment rate over 8% – for the first time in almost a decade.

UK unemployment rate

UK unemployment rate Photograph: ONS

The CEBR has calculated that 1.2m furloughed workers are at risk being laid off when the scheme expires at the end of the month, and that a further 300,000 are likely to be made redundant.

Worryingly, the CEBR doesn’t believe the government’s latest initiative — a new local furlough scheme for the hospitality industry announced on Friday afternoon — will make a major difference. It might save 250,000 jobs – or one-in-six of those at risk.

They explained:


The newly announced furlough scheme is well targeted to soften the blow for businesses in the hospitality sector which now seem most at risk from another shut down. However, from March/ April we know that there are a range of economic knock-on effects from lockdowns and not all businesses in need

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Nobel Peace Prize Underscores The Need For Sustainable Market Solutions To Global Hunger

Nobel Peace Prize Underscores The Need For Sustainable Market Solutions To Global Hunger

Today, the Nobel Committee bestowed this year’s Nobel Peace Prize on the World Food Programme, citing its herculean efforts to combat hunger, especially in war-torn areas. In doing so, the Committee stated that it “wishes to turn the eyes of the world towards the millions of people who suffer from or face the threat of hunger.”

As COVID-19 threatens to push 132 million more people into extreme hunger (and has already pushed 100 million people into its corollary, extreme poverty), it’s more critical than ever to invest in sustainable market solutions that strengthen rural livelihoods. So let’s turn our eyes toward smallholder farmers, then come back to the role of small business and entrepreneurship. First, some numbers:

  • Two billion people—26% of the global population—experienced hunger or food insecurity in 2019, with 690 million of them facing chronic hunger. Worse yet, this number has been rising over the last five years.
  • 75% of the world’s hungry are smallholder farmers and their families, despite the fact that they produce a significant amount of the world’s food.

Smallholder farmers—particularly in sub-Saharan Africa—are the face of hunger. But let’s be clear: The problem is not that there isn’t enough food to nourish everyone; the problem is that too many can’t afford to put food on the table. Global action to reverse this trend and get back on track for the UN’s 2030 “zero hunger” target must therefore have rural livelihoods at its center.

To build sustainable livelihoods, smallholder farmers need at least three things: access to reliable incomes, resources to invest in the growth and health of their farms, and support to tackle livelihood shocks like COVID-19 or climate change. But the typical smallholder farmer lives hundreds of miles from accessible markets, leaving them with few choices but to sell their crops

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