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EU

UK economy suffers record 9.9% slump in 2020 after COVID-19 hit
World

UK economy suffers record 9.9% slump in 2020 after COVID-19 hit

  • Britain’s coronavirus-ravaged economy slumped by 9.9% in 2020, the biggest annual crash in output in more than 300 years, but it avoided heading back towards recession at the end of last year and looks to be on course for a recovery in 2021.
  • Britain’s economy grew 1.2% in December alone, after a 2.3% fall in output in November when there was a partial lockdown, leaving output 6.3% lower than in February before the start of the pandemic, the Office for National Statistics said.
Published 12 Feb, 2021 03:46pm
EU tells Hungary to change procurement, cites ‘systemic’ fraud
World

EU tells Hungary to change procurement, cites ‘systemic’ fraud

  • The European Commission is mandated with managing the 750-billion-euro scheme and has already told several EU states their proposals for spending their part of the funds must be improved.
  • Competition in public procurement is insufficient in practice," said the document, adding that that was linked to "systemic irregularities".
Published 08 Feb, 2021 05:38pm
EU to Hungary: change procurement to bar ‘systemic’ fraud from recovery stimulus
World

EU to Hungary: change procurement to bar ‘systemic’ fraud from recovery stimulus

  • The European Commission is mandated with managing the 750-billion-euro scheme and has already told several EU states their proposals for spending their part of the funds must be improved.
  • The document called specifically for improved data transparency and accessibility, arguing that that would lead to a fairer and more open procurement process.
Published 08 Feb, 2021 05:14pm