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Last week, Jeremy Hunt outlined 110 growth measures which he said would boost business investment by £20bn a year, as part of the Autumn Statement. In an effort to get the economy “back on track” the measures are intended to cut business taxes, raise business investment and get more people into work, in what he […]
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November’s UK Commercial Market in Minutes from Savills has highlighted the continued robustness in the industrial and logistics sector, despite a reduction in take-up during the year due to economic uncertainty.
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According to the Royal Institution of Chartered Surveyors (RICS) October UK Residential Market Survey, demand is still falling faster than supply.
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On 22 November, Chancellor of the Exchequer Jeremy Hunt unveiled the government’s latest tax and spending plans saying “we back British business” announcing 110 growth measures which he said would boost business investment by £20bn a year. The Chancellor said the government had taken difficult decisions to put the economy “back on track” and claimed, […]
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Some positive economic news was delivered last week in the form of better-than-expected inflation data for October. The latest official release from the Office for National Statistics (ONS) revealed that in the 12 months to October, the Consumer Prices Index (CPI) rose by 4.6%, down from 6.7% in September. A Reuters poll of economists had […]
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Last Friday, UK growth figures from the Office for National Statistics (ONS) showed that the economy is estimated to have shown no growth in the third quarter of the year, following an increase of 0.2% in Q2. UK gross domestic product (GDP) is estimated to have increased by 0.6% in Q3 2023 compared with the […]
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As highly anticipated, the Bank of England’s (BoEs) Monetary Policy Committee voted to retain Bank Rate at 5.25% last week for the second consecutive month. Six members of the committee favoured this course or action, while three members preferred a 0.25 percentage point increase to 5.5%.
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The Bank of England (BoE) Governor has described the latest batch of inflation statistics as “quite encouraging,” adding that he expects a “noticeable drop” in the headline rate when the next set of data is released later this month.
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Ahead of this week’s first ever Artificial Intelligence (AI) Safety Summit at Bletchley Park, Rishi Sunak delivered a speech last Thursday on the global responsibility required to address and build a shared understanding of the risks posed by AI. Also, to realise its benefits and identify opportunities for future generations.
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The latest UK inflation data for September was released by the Office for National Statistics (ONS) last week, disclosing that the overall Consumer Prices Index (CPI) rate unexpectedly remained at 6.7%, ending three consecutive monthly declines. This clearly exemplifies that the battle with inflation is still at play, and at 6.7% remains the highest of […]
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The most recent data from the Office for National Statistics (ONS) highlighted a modest 0.2% expansion in August, following a sharp 0.6% reduction in July. The monthly growth was in line with expectations from a Reuters poll of economists.
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Financial services activity held relatively firm in the third quarter, according to the latest Financial Services Survey released last week by the Confederation of British Industry (CBI).
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The UK’s economy has grown faster since the start of the pandemic than had initially been stated, according to new data released last week by the Office for National Statistics (ONS).
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At its meeting last week, the Bank of England’s Monetary Policy Committee (MPC) narrowly voted to maintain Bank Rate at 5.25%, ending a run of 14 consecutive increases.
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Latest official figures from the Office for National Statistics (ONS) estimate that the UK economy contracted by 0.5% in July. The reduction was higher than the 0.2% decline which had been forecast by a poll of economists and follows a 0.5% increase in June.
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The G20 summit concluded in Delhi on Sunday with a joint declaration that denounced using force for territorial gain but fell short of explicitly condemning Russia. Ukraine reacted angrily to the watered-down wording about the war, with foreign ministry spokesperson Oleg Nikolenko saying that the G20 had “nothing to be proud of”.
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The latest Nationwide House Price Index (HPI) has highlighted ‘further weakness in house prices’ in August, registering a 0.8% fall month on month. Average UK house prices are currently £259,153, 5.3% below the August 2022 peak, an annual reduction of around £14,600.
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Early S&P Global/CIPS UK Purchasing Managers’ Index (PMI) survey data for August has highlighted that weaker household spending and increasing interest rates contributed towards a decline in demand for both services and goods during the month.
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The latest inflation data from the Office for National Statistics (ONS) has shown that the Consumer Prices Index (CPI) measured 6.8% in the 12 months to July 2023, down from 7.9% in June, the lowest rate since early 2022.
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Last Friday, newly released data from the Office for National Statistics (ONS) revealed a better-than-expected uplift in UK economic growth.
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Last Thursday, the Bank of England’s (BoE) Monetary Policy Committee (MPC) voted to increase Bank Rate to 5.25%, a fourteenth consecutive rise that has taken Bank Rate to its highest level in 15 years.
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Interest rates in the UK will need to stay higher for longer than previously forecast to tackle inflation, the International Monetary Fund (IMF) warned last week, despite improvements in the country’s economic outlook since the start of 2023.
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Last week, official data released by the Office for National Statistics (ONS) revealed that inflation in the UK fell further than expected in June to settle at 7.9%, down from 8.7% a month earlier and its lowest point since March 2022.
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Official figures released last week by the Office for National Statistics (ONS) showed that UK gross domestic product (GDP) contracted by 0.1% in May. Analysts pointed to the additional bank holiday for the coronation as a key factor in this decline.
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Chancellor Jeremy Hunt announced a package of reforms designed to boost pensions and increase investment in British businesses, in his first Mansion House speech which took place on Monday evening. He stated that the Mansion House Reforms aim to secure the best possible outcome for pension savers, whilst prioritising a strong, diversified gilt market and […]
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Last week, around 85% of lenders operating in the UK’s mortgage market signed a government Mortgage Charter agreeing to support borrowers, following a meeting with the Chancellor to discuss the impact of rising mortgage rates on homeowners.
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Last Thursday, the Bank of England (BoE)’s Monetary Policy Committee (MPC) voted to increase Bank Rate to 5%, a half percentage point rise that caught many economists by surprise.
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New gross domestic product (GDP) figures released last week show the UK economy is estimated to have grown by 0.2% in April, following a fall of 0.3% the previous month, according to the Office for National Statistics (ONS). The latest data also revealed that GDP rose by 0.1% in the three months to April.
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Rishi Sunak made his first trip to the White House as Prime Minister last week. His whirlwind two-day visit was meeting-filled, with US President Joe Biden saying that “important and positive discussions” had taken place “to deepen our bilateral economic relationship and expand our cooperation to shape the challenges and future for the remainder of […]
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Last Thursday, the US Congress approved a deal to lift the country’s borrowing limit, thereby averting a crisis mere days before the country was due to default on $31.4tn of debt.
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Official data released by the Office for National Statistics (ONS) last week revealed that inflation returned to single digits in April, following even consecutive months residing above 10%. The Consumer Prices Index (CPI) increased by 8.7% in the 12-month period to April, down from 10.1% in March.
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Rishi Sunak attended the G7 Summit in Hiroshima on Thursday, stopping off in Tokyo to agree new defence and economic deals; a UK business summit for Japanese corporations in the capital has resulted in a reported £18bn investment in UK property, windfarms and other projects.
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As widely expected, the Bank of England’s (BoE’s) Monetary Policy Committee (MPC) voted to increase Bank Rate by a quarter of a percentage point to 4.5%, at its meeting last week. Seven members of the committee voted to raise the rate, while two members favoured maintaining Bank Rate at 4.25%.
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The Coronation of King Charles III was expected to bring an additional £180m to UK hospitality and leisure businesses over the long weekend, according to recent estimates from Barclays. The same report noted that almost three in five UK small and medium-sized businesses (SMEs) expect revenues to increase on a quarterly basis in Q2 2023.
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The latest quarterly Recruitment Outlook from the British Chambers of Commerce (BCC) has highlighted that challenges remain for businesses surrounding the hiring of new staff. The survey of over 5,000 UK companies of differing sizes, from various sectors, who are attempting to recruit, has shown that firms in the manufacturing and hospitality sectors are most […]
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The latest figures from the Office for National Statistics (ONS) highlight that the Consumer Prices Index (CPI) increased by 10.1% in the 12-month period to March 2023, down from 10.4% in the year to February. A poll of economists had predicted that inflation would fall below 10% in the month, but soaring food and drink […]
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New data from the Office for National Statistics (ONS) shows that the UK economy flatlined in February as strikes by public sector workers weighed on growth. Despite consensus estimates from a poll of economists forecasting a 0.1% increase in the month. The flat month-on-month performance can be attributed to the offsetting of construction growth by […]
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Speaking at an event last week, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva outlined the financial agency’s global growth expectations for 2023. The Fund believe, that despite labour market resilience and strengthening consumer demand, economic growth will drop below 3% this year and remain at around 3% over the next five years.
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On Friday, the Office for National Statistics (ONS) revised its Q4 2022 data showing that the UK economy performed better than previously estimated. UK gross domestic product (GDP) is now estimated to have increased by 0.1% in the final quarter, up from the previous estimate of no growth.
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The decision to increase Bank Rate to 4.25%, followed the announcement that inflation had reached 10.4% in the year to February, its highest level for 40 years. Read more on this and other news from the week in our latest News in Review.
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Jeremy Hunt delivered his first Budget last Wednesday, billing it as “A Budget for Growth.” The Chancellor kicked off his statement with a commentary of the latest economic projections from the Office for Budget Responsibility (OBR).
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UK gross domestic product (GDP) grew by 0.3% in January, according to the latest official figures released by the Office for National Statistics (ONS) on Friday. Higher school attendance and the return of Premier League football helped growth return after a 0.5% contraction in December, though quarterly figures show that the economy stagnated between November […]
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Footfall in UK retail stores bounced back in February 2023 from the levels recorded a year earlier, according to the latest data released on Friday by the British Retail Consortium (BRC). In total, footfall increased by 10.4% on an annual basis, but fell by 2.1% month-on-month.
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On Friday, the latest release of GfK’s Consumer Confidence Index revealed a month-on-month improvement in consumer sentiment. In February 2023, total confidence was -38, seven points higher on a monthly basis. All five measures that make up the overall gauge increased in comparison to January’s readings.
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Last Wednesday, the Office for National Statistics (ONS) released its latest UK inflation figures, which revealed the Consumer Prices Index (CPI) rose by 10.1% in the year to January.
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The UK has narrowly avoided entering a recession by the slimmest of margins, as figures from the Office for National Statistics (ONS) show the economy had zero growth in the last three months of 2022. The official figures for December alone indicate that the economy fell by 0.5%, with strike action totalling 843,000 working days […]
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Last week, the Bank of England’s (BoE) Monetary Policy Committee (MPC) voted by a majority of seven to two, to increase Bank Rate by 0.5 percentage points to 4%, its highest level for 14 years. The two committee members who opposed the half-point hike, favoured maintaining Bank Rate at 3.5%.
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Last Friday, Chancellor Jeremy Hunt outlined his long-term vision for how to boost UK economic growth. This plan is based on four pillars which Mr Hunt said are “essential for any modern, innovation-led economy” – enterprise, education, employment and everywhere.
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Data released last Wednesday revealed that UK inflation slowed for a second consecutive month, though prices still rose by 10.5% in the year to December. The small drop, down from 10.7% in November, came despite food prices soaring to their highest level since 1977 in the month. Restaurant and hotel prices also rose sharply in […]
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Good news came on Friday, when the latest data release from the Office for National Statistics (ONS) showed that UK monthly real gross domestic product (GDP) was estimated to have increased by 0.1% in November. Beating expectations of around 0.2% economic contraction, this small figure follows robust monthly growth of 0.5% in October, bolstered by […]
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Last Wednesday, Prime Minister Rishi Sunak made his first major speech of the year, setting out five key goals on which he insisted voters should hold him to account. In a wide-ranging set of promises, Mr Sunak committed to halving inflation in 2023 and bringing down NHS waiting lists in the next two years. He […]
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The government has confirmed the extension of the Mortgage Guarantee Scheme by one year to the end of December 2023. Positive news for people with 5% deposits, the scheme provides lenders with the financial guarantees they need to provide mortgages that cover the other 95%, on a house worth up to £600,000.
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At the Monetary Policy Committees’ (MPCs’) December meeting, members voted by a majority of six to three to increase Bank Rate from 3% to 3.5%. The ninth consecutive hike, rates are now at their highest level for 14 years. With inflationary pressures persisting, the MPC said they ‘will respond forcefully as necessary.’
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Last Friday, as temperatures plummeted, Chancellor Jeremy Hunt announced a package of over thirty UK financial services regulatory reforms, dubbed the ‘Edinburgh Reforms,’ which the government intends will ‘unlock investment and turbocharge growth in towns and cities across the UK.’ A considerable overhaul, the effects will be far-reaching, with the financial services sector contributing £216bn […]
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UK house prices fell by 1.4% month-on-month in November, according to the latest Nationwide House Price Index released last Thursday, the biggest monthly drop since June 2020. At £263,788, the non-seasonally adjusted November average price was 4.4% higher on an annual basis, compared to a yearly growth of 7.2% recorded in October.
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On Friday, retailers received a boost from deal-seeking shoppers who defied fears of a dampened event to spend more than in 2021. Amid inflationary pressures and cost-of-living concerns, Black Friday – historically the biggest online spending day before Christmas – saw a 3.2% increase in transactions, according to Barclaycard Payments. Footfall also increased and a […]
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Last Thursday, Chancellor of the Exchequer Jeremy Hunt set out his plan to “tackle the cost-of-living crisis and rebuild our economy” in his first Autumn Statement. Striking a defiant tone, the Chancellor said that he was “taking difficult decisions”, while emphasising that the government’s priorities are “stability, growth and public services.”
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Last week’s release by the Office for National Statistics (ONS) of its quarterly gross domestic product (GDP) estimate for July to September painted a picture of a shrinking UK economy. GDP fell by 0.2% in the third quarter, slightly less than predicted by some City economists, but enough to push the UK a step closer […]
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At the latest meeting of the Bank of England’s Monetary Policy Committee (MPC) concluding on 3 November, Bank Rate rose by 0.75 percentage points, an eighth consecutive increase and the biggest for 33 years. Members of the MPC voted by a majority of seven to two to raise Bank Rate to 3%; of the two […]
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Last week during the first meeting of the new Cabinet in Downing Street, Chancellor Jeremy Hunt announced the postponement of the government’s fiscal statement from 31 October to 17 November. Delayed by over a fortnight, the MediumTerm Fiscal Statement, due to be delivered in the House of Commons on Halloween, along with a forecast from […]
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In another whirlwind week in UK politics, Liz Truss resigned last Thursday, the shortest serving Prime Minister in British history. Speaking outside Downing Street she said she could not deliver the mandate on which she was elected. Her resignation after just 44 days kickstarted a contest to find the next Conservative leader and PM.
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Last Friday, in response to the mounting political crisis over his taxcutting Growth Plan, Kwasi Kwarteng arrived back earlier than scheduled from the International Monetary Fund (IMF) conference in Washington, and headed straight to Downing Steet, where the Prime Minister sacked him from the role after just 38 days.
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Last week, International Monetary Fund (IMF) Managing Director Kristalina Georgieva delivered a speech in Washington DC entitled ‘Navigating a more fragile world.’ She referred to the combined impact of a trio of challenges – recovery from the pandemic, the Ukraine invasion and climate issues – which have driven a global price surge and referred to […]
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The Prime Minister and Chancellor met with the Office for Budget Responsibility (OBR) on Friday morning to discuss the ramifications of their Growth Plan. In a move widely seen as an attempt to reassure financial markets following a challenging week, the Bank of England stepped in with a £65m intervention to carry out a temporary […]
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Last Friday, Kwasi Kwarteng outlined a series of tax cuts and measures aimed at boosting economic activity. His Growth Plan was built around three key priorities: reforming the supplyside of the economy, maintaining a responsible approach to public finances and cutting taxes to boost growth, he pledged, “Our entire focus is on making Britain more […]
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A day after Bank Rate rose from 1.75% to 2.25%, Chancellor Kwasi Kwarteng delivered his first statement on 23 September, outlining a series of tax cuts and measures aimed at boosting economic activity and growth.
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The nation ground to a halt on Monday to observe a Bank Holiday for Her Majesty Queen Elizabeth II’s state funeral, rounding off an emotive period of mourning. Attended by world leaders, foreign royal families, heads of state, foreign dignitaries and representatives from across the Commonwealth, opening the service at Westminster Abbey, the Dean of […]
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Just two days after appointing her fifteenth Prime Minister, the world was shaken by the news on Thursday of the death of Her Majesty Queen Elizabeth II at Balmoral Castle, in Scotland. Speaking at Downing Street on the evening of the Queen’s death, new Prime Minister Liz Truss proclaimed, “Queen Elizabeth II was the rock […]
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As widely expected, Liz Truss was announced as the new leader of the Conservative Party and the next Prime Minister on Monday afternoon at the QE2 conference centre in the capital. The Foreign Secretary was victorious over rival Rishi Sunak, winning 57% of Conservative Party member valid votes, a narrower margin than expected. Following the […]
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Last Friday, Ofgem, the government regulator for the electricity and downstream natural gas markets in Great Britain, confirmed the energy price cap will increase from £1,971 to £3,549 a year from 1 October. An Ofgem press release justified the highly anticipated move stating, ‘The increase reflects the continued rise in global wholesale gas prices, which began […]
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UK retail sales improved in July, according to data released on Friday from the Office for National Statistics (ONS). Sales volumes rose by 0.3% in the month, outperforming predictions of a 0.2% decline.
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In a week where droughts were officially declared across England, the Office for National Statistics’ (ONS) latest assessment of the UK economy revealed tough economic conditions. In the second quarter, the UK’s gross domestic product (GDP) fell by 0.1%, largely the result of a 0.6% monthly dip in June. According to ONS, June’s poor reading […]
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After five successive smaller rises, last week saw the Bank of England’s Monetary Policy Committee (MPC) up the ante and increase Bank Rate by 0.5 percentage points, the biggest rate hike since the MPC was established in 1997.
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Last week saw the International Monetary Fund (IMF) release its latest economic assessment and forecast for the global economy. Following the effects of the pandemic and Russia’s invasion of Ukraine, the IMF now expects growth to slow to 3.2% in 2022, a downgrade of 0.4 percentage points from its previous publication in April.
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Retail sales edged lower last month as people reduced their fuel consumption, while households continue to struggle with fast rising prices. According to the most recent Office for National Statistics (ONS) data released last Friday, retail sales volumes fell by a smaller-thanexpected 0.1% in June; economists surveyed in a Reuters poll had widely expected a […]
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Data released from the Office for National Statistics (ONS) last week shows how the UK economy returned to growth in May, recording expansion of 0.5% during the month. After shrinking in April and March, the growth experienced in May was higher than the flat growth widely anticipated by economists polled by Reuters.
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Political news came thick and fast over the last week or so. Following Boris Johnson’s resignation last Thursday, a timetable for succession has now been announced by the 1922 Committee of backbench MPs, with potential contenders already jockeying for position as the race to replace the PM begins. The economy and the cost-of-living crisis are […]
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Despite a combination of economic and inflationary headwinds, homebuying demand remained strong during Q2 according to the most recent Homebuyer Hotspot’s Demand Index from GetAgent.
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UK retail sales contracted in May as consumers reduced their spending, according to data released by the Office for National Statistics (ONS) last Friday.
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The Monetary Policy Committee (MPC) voted to raise Bank Rate last week, hiking the rate from 1% to 1.25%, the fifth consecutive rate rise. The MPC voted six to three to raise the rate by 0.25 percentage points, with the members in the minority voting for a 0.5 percentage point rise to 1.5%. Pushing the […]
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The release of the latest Economic Outlook from the Organisation for Economic Co-operation and Development (OECD) last week, highlighted that global GDP is now projected to slow this year to around 3%, remaining at a similar pace next year.
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Over the last week, the Queen’s Platinum Jubilee celebrations largely dominated the news. The extended bank holiday weekend provided an opportunity for people and communities throughout the UK to come together to celebrate the historic milestone.
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“I am not trying to claim we have solved the entire problem for everyone… no government could”
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Inflation continues its ascent, with the Consumer Price Index (CPI) rising to 9.0% in the 12 months to April 2022, up from 7.0% in March, according to the latest data from the Office for National Statistics (ONS). Rishi Sunak addressed the Confederation of British Industry last week, following release of the latest data saying, “the […]
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With challenging financial and economic news in abundance, there are some good signs at least for the UK car industry. Recent analysis from the Society of Motor Manufacturers and Traders (SMMT) has shown that sales of used cars in the UK increased by 5.1% in Q1, with 1,774,351 cars changing hands.
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Interest rate rises were big news last week on home shores, across the pond and in Australia, as central banks acted in an effort to curb inflation. The Monetary Policy Committee voted by a 6-3 majority to increase Bank Rate by 0.25 percentage points to 1%, with further tightening expected in the coming months. Interestingly, […]
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The US economy contracted in Q1 as surging inflation and supply disruptions weighed on output. A slower pace of inventory investment by businesses also weighed on the growth of the world’s largest economy, as did fading government stimulus. The 1.4% decline in gross domestic product in the first quarter marked a sharp turnaround from the […]
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As expected, the latest data set from the Office for National Statistics (ONS) highlighted that consumer spending, impacted by rising costs, led to a reduction in UK retail sales throughout March. As people tightened up on nonessential spending, retail sales volumes fell by 1.4% in the month following a decline of 0.5% in February. This […]
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Speaking in Washington DC prior to the release of the International Monetary Fund’s (IMF) biannual World Economic Outlook this week, Managing Director Kristalina Georgieva previewed her thoughts on the global economy. Opening her speech, she declared, “To put it simply: we are facing a crisis on top of a crisis… First, the pandemic: it turned […]
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During a week when the news agenda was again dominated by harrowing scenes from Ukraine, the government unveiled its long-awaited Energy Security Strategy. The new plan places renewed emphasis on nuclear power along with an increase in wind, hydrogen and solar production, and aims to boost UK energy independence and tackle rising prices.
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Last Thursday, major news broke as Joe Biden ordered an unprecedented release of crude oil from America’s Strategic Petroleum Reserves to tame rising energy costs. In an attempt to combat what the US President branded “Putin’s price hike,” he issued the release of one million barrels of oil per day from May, totalling 180 million […]
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Rishi Sunak opened the Spring Statement on 23 March by speaking about his admiration for the Ukrainian people, commending the strength of the UK economy to help fund their army and impose sanctions on Putin’s regime. The Chancellor warned that actions against Russia are costly and present a risk – not just to the UK […]
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Chancellor of the Exchequer, Rishi Sunak, delivered his 2022 Spring Statement on 23 March, confirming implementation of the politically contentious 1.25 percentage-point rise in most National Insurance contributions, though with revised thresholds to mitigate the impact.
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Last Thursday, as highly anticipated, the Bank of England (BoE) announced the third increase in Bank Rate in four months, placing more pressure on household finances. The Monetary Policy Committee (MPC) members voted by an eight to one majority in favour of the 0.25 percentage point rise from 0.5% to 0.75%, in a bid to […]
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With a week to go until the next fiscal event in the government’s calendar – the Spring Forecast Statement on 23 March – new research from the Institute for Fiscal Studies (IFS) has highlighted its belief that the Chancellor has some big decisions to make in the face of soaring living costs and new economic […]
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Last week, as the invasion of Ukraine entered a second week, the President of the World Bank declared the situation “a catastrophe” for the world. Although David Malpass stressed his biggest concern is “about the pure human loss of lives” he also highlighted the economic impact of the war, which, although devastating for Ukraine, also […]
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‘Freedom Day’ in England was overshadowed last Thursday as Russian President Vladimir Putin ordered the invasion of Ukraine, with troops attacking the country from the north, south and east. The European Union hailed the invasion as one of the darkest hours for Europe since World War II, warning Russia will be hit with ‘massive sanctions.’ […]
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Storms Dudley, Eunice and Franklin swept the country over the last week or so, causing major disruption. With trains and flights cancelled, schools and venues closed, people were urged to avoid travel and to stay at home. The economic impact will no doubt be felt as people hunkered down to stay safe.
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With the dust settling on the recent rise in Bank Rate and an increase in springtime inflation expectations, some positive news was released at the tail end of last week in the form of Q4 GDP data. The official statistics from the Office for National Statistics (ONS) show that GDP increased by an estimated 7.5% […]
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Financial announcements came thick and fast last week, impacting household budgets and living standards for millions across the UK. As anticipated by many economic commentators, on Thursday the Monetary Policy Committee voted to increase Bank Rate from 0.25% to 0.5%, in an effort to dampen the pace of price rises over the longer term. Despite […]
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Some interesting data was released last week, which prompted speculation as to the Chancellor’s intentions regarding the rise in National Insurance Contributions (NICs) in April. The data showed that government borrowing reached nearly £17bn in December; despite this being the fourth highest December figure ever recorded, the figure was below expectations. Total borrowing in the […]
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The biggest economic story of last week is something impacting everyone’s pockets – inflation. Data released from the Office for National Statistics (ONS) on Wednesday revealed that surging food and energy prices had pushed inflation to a near 30-year high of 5.4% in December, up from 5.1% the previous month.
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A raft of economic news landed in the last week or so, one of the most prominent being the latest UK gross domestic product (GDP) statistics from the Office for National Statistics (ONS), which highlighted that the UK economy surpassed pre-COVID levels for the first time in November – a significant milestone.
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As the new year takes root, the latest IHS Markit/CIPS Purchasing Managers’ Index has highlighted an elevated level of optimism amongst UK manufacturing firms. Although supply issues and staff shortages continue to hamper growth in the sector, production rose at the end of last year and output ticked up across the consumer, intermediate and investment […]
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As wages stagnate, and energy bills and taxes rise, the latest quarterly Labour Market Outlook released by the Resolution Foundation has warned that millions of families face a ‘year of the squeeze’ in 2022, potentially leaving the average household £1,200 worse off. The expected rise in the energy price cap and National Insurance contributions in […]
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Last week the Bank of England (BoE) became the first major central bank to raise interest rates since the onset of the pandemic. At a meeting ending on 16 December, the Bank’s nine-member Monetary Policy Committee voted by an 8-1 majority to raise rates to 0.25%, an increase of 0.15 percentage points. Speaking after announcing […]
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New restrictions have been imposed in England to help target the rise of the Omicron variant. The measures announced last Wednesday include increased requirements for maskwearing, working from home where possible and proof of vaccination or COVID status at nightclubs and crowded indoor spaces. In addition, Boris Johnson addressed the nation on Sunday evening to […]
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Last week saw the Organisation for Economic Co-operation and Development (OECD) publish its latest appraisal of world economic prospects. In a relatively upbeat assessment, the Paris-based soothsayer predicted that global growth will hit 5.6% this year before moderating to 4.5% in 2022 and 3.2% in 2023. However, the OECD did warn of potential risks suggesting […]
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Following the discovery of the COVID-19 Omicron variant on UK shores, Boris Johnson took to the Downing Street podium on Saturday to announce “temporary and precautionary” measures to contain the spread of the variant.
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During a week which saw the government confirm it was cancelling the Leeds leg of the HS2 high-speed rail line, the Confederation of British Industry (CBI) said more needed to be done to end the North-South divide and ensure economic growth was evenly spread around the UK.
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At a Downing Street news conference on Sunday evening, following the conclusion of the COP26 Summit, Boris Johnson hailed the climate deal as “game-changing”, before adding that it sounds “the death knell for coal power.”
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Following many hours of discussions, the Monetary Policy Committee (MPC) decided to retain the Bank of England (BoE) base rate at its record low of 0.1% at its meeting last week. The decision was made despite predictions of inflation hitting a peak of 5% next April. BoE Governor, Andrew Bailey, clarified that inflation is currently […]
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All eyes turned to Glasgow on Monday as world leaders convened for COP26, which is being hailed as the most important climate change summit since the Paris Agreement was struck in 2015. The next couple of weeks are set to be packed with important announcements about the future of the planet.
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A closely monitored survey, released last week, suggests the UK economy unexpectedly regained momentum during October. The preliminary reading of the IHS Markit/CIPS Composite Purchasing Managers’ Index (PMI) rose to 56.8, up from 54.9 in September. This represents the largest monthly increase since May and beat the consensus forecast in a Reuters poll of economists […]
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Chancellor Rishi Sunak stressed the importance of nations working together to tackle supply chain issues at a meeting of G7 (Group of Seven) nations in Washington last week. The meeting of finance ministers and central bank governors discussed the importance of ensuring that global supply chains become more resilient.
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In its latest assessment of world economic prospects published on Tuesday, the International Monetary Fund (IMF) lowered its 2021 global growth forecast slightly to 5.9%. The international soothsayer also stated that risks to economic prospects have increased, while policy trade-offs have become more complex in the ongoing pandemic.
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The easing of COVID restrictions has resulted in an economic rebound that has exceeded initial estimates, according to data from the Office for National Statistics (ONS). During Q2, the economy grew by 5.5%, up from the 4.8% forecast earlier this year. This is a result of higher spending since April, when the first lockdown easing […]
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In a unanimous decision, the Bank of England (BoE) Monetary Policy Committee (MPC) voted to maintain Bank Rate at its record low of 0.1% last week. The vote came as the supply chain crisis, largely driven by an ongoing shortage of heavy goods vehicle (HGV) drivers, shows signs of holding back economic recovery.
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The travel industry has featured prominently in the news over the past seven days, with an easing of travel restrictions announced on both sides of the Atlantic. Last Friday, simplification of the traffic light system and testing requirements in England, was greeted positively by business groups, with the British Chambers of Commerce describing the move […]
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Over the past seven days, government plans to raise National Insurance contributions to fund the health and social care system have continued to feature prominently in the news headlines. Last Wednesday, despite warnings of a mass Tory rebellion, MPs voted by 319 votes to 248 to approve the new ‘health and social care levy’.
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On Tuesday, Boris Johnson took to the Downing Street podium, following an earlier appearance in the House of Commons, to set out the government’s intentions to “help our NHS recover from the pandemic and build back better by fixing the problems in health and social care.”
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With the summer holiday season drawing to a close, travel stocks were impacted last week, following the latest announcement from the Transport Secretary.
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During a week in which the news agenda was dominated by Afghanistan, the US Federal Reserve warned it could start cutting back support for the economy sooner than markets had previously expected.
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With double jabbed people, as well as those aged under 18 in England and Northern Ireland, no longer legally required to self-isolate if they are identified as a close contact of a positive COVID-19 case, many will be breathing a sigh of relief, not least businesses who have struggled with staff shortages.
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In an open letter to UK institutional investors last week, Boris Johnson and Rishi Sunak urged pension schemes to invest more of savers’ money into UK assets, to help drive the economic recovery and boost longterm growth prospects.
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Last week saw the International Monetary Fund (IMF) release its latest assessment of the global economy. Among the headline stories was a sharp increase to this year’s UK growth forecast, with the renowned international soothsayer now predicting a 7% expansion – 1.7 percentage points higher than its previous projection published in April.
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During a week which saw the delayed Tokyo Olympics finally get underway, the news agenda on these shores was largely dominated by the so-called ‘pingdemic’.
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Ahead of so-called ‘Freedom Day’ on Monday, Boris Johnson urged people to exercise caution as most restrictions on social contact were lifted in England. With the Prime Minister and Health Secretary currently isolating, and UK daily infections totalling around 50,000, there are warnings that cases will surge over the summer.
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In Monday’s Downing Street briefing, Prime Minister Boris Johnson confirmed that almost all remaining coronavirus restrictions will lift on Monday 19 July, despite cases and hospital admissions rising, as it was felt that a further delay could risk a bigger surge in the autumn.
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In a Downing Street briefing on Monday, Prime Minister Boris Johnson said ministers will make a final decision on 12 July, whether step four of restriction easing would happen as planned on 19 July.
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Last week, the Bank of England’s Monetary Policy Committee (MPC), unanimously voted to maintain base rates at an all-time low of 0.1%. In a statement released on Thursday, the MPC shrugged off concerns over a pick-up in inflation, saying its expectation is that ‘the economy will experience a temporary period of strong GDP growth and […]
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Last Friday, the Confederation of British Industry (CBI) published its latest economic forecast, which predicts UK GDP growth is set to bounce back to pre COVID levels by the end of the year, despite the four-week delay in lifting all lockdown restrictions.
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The G7 Summit in Cornwall dominated headlines over the weekend, with leaders of the ‘Group of Seven’ (UK, US, Canada, Germany, France, Italy and Japan) meeting to discuss global worldwide issues, including vaccination programmes, economic recovery and climate change.
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Ahead of the G7 Summit in Carbis Bay, Cornwall, later this week, where leaders from some of the world’s most influential countries are meeting to discuss major global issues, several Finance Ministers met in London at the weekend to discuss a whole host of global economic issues, including reforms to the global tax system to […]
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The latest quarterly Service Sector Survey conducted by the Confederation of British Industry (CBI), has provided further evidence of growing confidence within the UK economy.
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Good news came over the weekend as a significant vaccination milestone was surpassed. Tipping over the marker, after over 700,000 jabs were administered on Saturday alone, the UK has now delivered over 60 million vaccinations, first and second doses combined.
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Despite concerns growing over the spread of the Indian variant, as clusters of the B.1.617.2 continue to be discovered across the UK, at a Downing Street briefing last Friday, Boris Johnson confirmed the planned phase three easements would proceed on 17 May.
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On Monday, the Prime Minister confirmed that the next stage of easing measures will go ahead as intended on 17 May. People in England will be able to resume numerous activities, including hugging loved ones, meeting indoors, dining inside restaurants and visiting indoor entertainment venues such as cinemas and museums.
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During the May Bank Holiday weekend, a momentous milestone was achieved as the UK surpassed 50 million vaccine doses administered: 34,588,600 first vaccine doses and 15,500,949 second doses.
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US President Joe Biden has pledged to cut his country’s emissions by 50-52% compared to 2005 levels, by the year 2030. The President unveiled the new target during his opening remarks at a two-day virtual Climate Summit, which started last Thursday to coincide with Earth Day.
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A sobering milestone of three million global COVID deaths was surpassed last week, just a day after the Director General of the World Health Organisation (WHO), Dr Tedros Adhanom Ghebreyesus, warned the world was “approaching the highest rate of infection” so far. The US, India and Brazil have recorded the highest number of cases so far, with […]
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As the country embarked on its latest easing of lockdown measures, the Prime Minister urged “everyone to continue to behave responsibly.” In a statement released ahead of the reopening of non-essential shops and pub gardens, Mr Johnson described the rule relaxations as “a major step forward in our roadmap to freedom” and added, “I’m sure it will be a huge […]
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On Easter Monday, the Prime Minister confirmed that restrictions in England are to ease as planned on 12 April, with non-essential shops, gyms, hairdressers and outdoor hospitality venues set to reopen. Mr Johnson said, “We set out our roadmap and we’re sticking to it. And I want to stress, that we see nothing in the present […]
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The Prime Minister has stressed “we must proceed with caution” and warned that we do not know “exactly how strong” the country’s defences against another wave of COVID will be despite the UK’s “very impressive” vaccine rollout. Speaking at a Downing Street briefing on Monday, on the day stay-at-home rules ended in England, Mr Johnson added, “it is only because of months […]
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The Prime Minister stressed “Our roadmap to freedom depends on the continued success of our vaccination programme,” during a week that also saw new daily jab records set on three consecutive days and the country come together for a national day of reflection to mark the anniversary of the first coronavirus lockdown.
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Last week, the Organisation for Economic Cooperation and Development (OECD) released its latest set of forecasts declaring ‘a global economic recovery is in sight.’ The international soothsayer said prospects have ‘improved markedly in recent months’ as vaccine rollouts gather momentum and the US launches a massive new stimulus package.
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The Prime Minister has hailed the collective efforts of the British public, as the country embarks on the first stage of the roadmap out of lockdown. Speaking on Sunday, the day before pupils across England began returning to the classroom, Mr Johnson said the reopening of schools marked a “truly national effort to beat this virus,” adding “it […]
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Chancellor of the Exchequer, Rishi Sunak, delivered his second Budget on 3 March declaring that “we will recover”. The key fiscal event, which had been delayed from the Autumn due to the pandemic, centred on a £65bn three-part plan designed to continue supporting British people and businesses through the pandemic, ‘fix’ the public finances once recovery begins and lay […]
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On Wednesday afternoon, all eyes will be on the Chancellor as he presents his much awaited second Budget in the House of Commons. COVID support is likely to feature front and centre on Rishi Sunak’s agenda, with immediate areas to address including decisions over furlough and business support.
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The Prime Minister has unveiled a four-step plan to gradually ease lockdown restrictions in England, with the aim of lifting all legal limits on social contact by 21 June. Speaking in the House of Commons on Monday, Mr Johnson told MPs his roadmap was “cautious but also irreversible” and that decisions at each stage would be […]
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As the UK endured icy temperatures last week, the Prime Minister appealed to the two million people from the first four priority groups yet to receive a vaccination, to come forward for their jab.
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The UK passed a significant milestone last week, as 10 million people received their first vaccine dose. The largest vaccination programme in British history is now fast approaching 13 million vaccinated and despite the cold snap prompting the closure of some vaccination centres across the country, is on course to meet the 15 February goal […]
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As the vaccination programme continues in earnest, on Monday, at a Downing Street briefing, Matt Hancock confirmed that 9.2 million people in the UK had been vaccinated to date, including a record 931,204 vaccinations done last week alone.
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Hosting a Downing Street press conference on Tuesday, Boris Johnson said it was “hard to compute the sorrow” after the UK passed a grim milestone of 100,000 deaths from COVID-19. The Prime Minister added, “The years of life lost, the family gatherings not attended and, for so many relatives, the missed chance to even say goodbye – I […]
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The Prime Minister has described the move to extend England’s vaccination programme to people aged 70 and over, along with clinically extremely vulnerable individuals as a “significant milestone.” Mr Johnson’s comments came on Monday, the same day that ten new mass vaccination hubs were opened across England.
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Included in this issue:
The UK is at the “worst point” of the pandemic, Matt Hancock said as he addressed the nation on Monday. Government figures show that over 80,000 people have now died, while over 32,000 are currently in hospital.
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As the UK saw in the New Year in a more subdued way than usual, with much of the country under tier 4 restrictions, fireworks and a light display illuminated the sky over London. An hour earlier, as Big Ben struck 11pm, a new era had begun for the UK, after it completed its formal […]
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After months of negotiations, on issues including fishing rights and business rules, an agreement between the UK and EU was finally reached on Christmas Eve, just days before the deadline.
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As Boris Johnson took to the Downing Street podium on Saturday afternoon, his imminent announcement was a game changer for millions of people across the country. With the virus spreading more rapidly in parts of the country, driven by a new variant, new tier 4 restrictions (applicable from midnight on Saturday) were introduced in London […]
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Brexit talks have restarted after Prime Minister Boris Johnson and European Commission President Ursula von der Leyen agreed to an extension of their original 13 December deadline. Following a “constructive” telephone call, during which the pair discussed “major unresolved topics”, both parties agreed that talks should continue.
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As the UK death toll surpassed 60,000 last week, the first consignment of the Pfizer/BioTech vaccine arrived in the country from Belgium. With 40 million doses on order, sufficient to vaccinate 20 million people, the first doses have been distributed to various designated hospital vaccination centres across the country. On Tuesday, the NHS embarked on […]
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On 25 November, Chancellor Rishi Sunak stood before the House of Commons to outline the Spending Review for the year ahead. Opening his speech, he delivered a stark warning about the difficulties that lie ahead, stating, “Our health emergency is not yet over. And our economic emergency has only just begun.”
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The International Monetary Fund’s (IMF) recently released annual report, entitled ‘A year like no other’, highlights the extraordinary extent of the government fiscal support provided this year to bolster global growth. As of September 2020, $11.5trn globally has been provided by governments, to extend lifelines to businesses and people. In addition, the IMF has committed over $100bn […]
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Another grim milestone was reached last week, as the UK became the first European country to exceed 50,000 COVID deaths. The UK is now the fifth country in the world to record this toll, after the US, Brazil, India and Mexico.
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As lockdown 2.0 kicked off in England on 5 November, at a Downing Street press conference that afternoon, Boris Johnson confirmed his intention that the rules will expire on 2 December, at which point the tiered approach will resume.
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With a shroud of lockdowns descending over swathes of Europe and the UK, as virus cases surge, England followed suit on 31 October, with Boris Johnson announcing national lockdown measures commencing 5 November for four weeks.
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Last week, as tighter coronavirus rules came into force for millions of people across the UK, Chancellor Rishi Sunak unveiled significant changes to the government’s support package with increased financial assistance for businesses and workers hit by COVID restrictions.
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Last week began with the government’s most senior science and medical advisers issuing a stark warning about the rise in coronavirus cases witnessed over recent weeks. At a Downing Street data briefing, Sir Patrick Vallance and Professor Chris Whitty said that, without any further action, the UK could “end up with something like 50,000 cases […]
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All over the country, people have been struggling to get tested for coronavirus, with appointments paused and the system under immense pressure as demand spikes. Some people in need of a test have reported being directed to sites located hundreds of miles from their homes. Data shows that just a third of tests conducted in […]
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With the number of coronavirus cases rising across the UK, the Prime Minister was back on the Downing Street podium last Wednesday to announce new measures. As we enter the autumn, with the country at a critical moment and the average rate of new infection four times higher than in mid-July, the governemnt announced the introduction […]
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Millions of children in England and Wales returned to school last week. For many, it was the first time in attendance since March, due to the disruption caused by the pandemic. Pupils started adjusting to life in a class or year group bubble, with a raft of precautionary measures in place, such as one-way entrance […]
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In March, Rishi Sunak unveiled “one of the largest and most comprehensive economic responses in the world” to protect the UK’s population against the impact of coronavirus. The £160bn plan, the Chancellor said, was just the first stage of the government’s response to the pandemic. Four months later, on 8 July, the Chancellor stepped up once again […]
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