Bank of England Governor Mark Carney said Britain is suffering from an ‘economic post-traumatic stress disorder’ in a speech yesterday.
Carney said that the country would be able to adapt to life post-Brexit, but the test was “how quickly and how well”.
“In recent years, policy uncertainty has increased globally,” said Carney.
“All this uncertainty has contributed to a form of economic post-traumatic stress disorder amongst households and businesses and in financial markets.”
Carney added that “monetary easing” could be needed over the coming months, prompting further speculation that he’s prepared make further cuts to interest rates.
The news was warmly greeted by investors as the FTSE closed up again on Thursday, although the pound did drop on the news that interest rate cuts may be on the way.
A self-driving car has been involved in a fatal crash for the first time, writes this morning’s Times.
Tesla Motors Inc (NASDAQ:TSLA) disclosed the death of Joshua Brown – believed to be the first person killed by a self-driving car – on Thursday evening.
The paper says that Brown – driving in Williston, Florida – failed to spot a lorry pulling into his path after the car’s sensors, against a bright spring sky, were unable to distinguish the large white 18-wheel crossing the highway, Tesla said.
A federal investigation is now underway to determine whether or not the US$80,000 Model S car’s autopilot feature was to blame for the incident which happened on 7 May.
The company released a short statement, part of which said: “Autopilot is getting better all the time, but it is not perfect and still requires the driver to remain alert.”
Elsewhere, oil giant Royal Dutch Shell PLC (LON:RDSA) has urged Britain to retain free trade and free movement of people with the EU, despite the Leave campaign’s victory last week.
Ben van Beurden, Shell’s chief executive, has said he’s not sure how the result will affect his firm, but he was concerned by the prospect of a period of change and uncertainty, writes this morning’s Telegraph.
"Shell has always been clear about the benefits of the single market and free movement of people, both for the UK and the EU as a whole," van Beurden said.
"We believe in the power and the relevance of free trade and free movement of people."
Despite the company being firmly on the Remain side, van Beurden said the firm’s relationship with the UK would not change any time soon.
"We will still continue to invest in the UK, we still have a $4bn investment programme we need to complete by 2018. We will still provide energy in the UK, we will still employ people in the UK.”
And finally, The National Farmers Union is holding an emergency meeting today to discuss how the industry will remain competitive when the UK leaves the EU.
Some 63% of UK famers’ exports are to the EU, so any change in tariffs will likely play a major part in the sector’s future, says NFU President Meurig Raymond.
Raymond has urged the government not to leave UK farmers disadvantaged compared to their European counterpart.