Bank of England scraps closed-door briefings with banks October 13, 2021 The Bank of England has scrapped holding private meetings with banks and financial institutions in a bid to raise transparency at the central bank. The shift in position comes after pressure on the world’s leading central banks to stop hosting off the record briefings with banks mounted following European Central Bank chief economist Philip Lane [...]
Swelling food and energy costs lift US inflation October 13, 2021 A jump in food prices and energy costs drove inflation in America to a fiery clip in September, testing Fed chair Jerome Powell’s insistence that price rises are transitory. On an annual basis, US inflation hit 5.4 per cent last month, according to the Labor Department. Higher prices for food, which rose 4.6 per cent, [...]
HGV driver shortage restricts UK trade October 13, 2021 A reduction in trade with the EU drove down British exports as lorry driver shortages scupper the normal functioning of trade flows. Exports were £1.3bn lower in August compared to July, driven by a £600m fall in trade with EU countries, according to the Office for National Statistics (ONS). The contraction in exports was primarily [...]
UK economy returns to growth in August amid staycation boom October 13, 2021 The UK economy returned to growth amid a boom in staycation spending and Brits making the most of an easing in self-isolation rules by rushing to pubs, bars and restaurants. The economy expanded 0.4 per cent in August, a resumption to growth after the Office for National Statistics (ONS) marked down July’s figure to minus [...]
Government drive to digitise tax is swelling costs for small businesses, warns FSB October 13, 2021 A government push to make filing tax returns digital has significantly increased administrative costs for British businesses. Small firms that have switched to the making tax digital programme are each spending an average of £4,562 and 52 hours a year on tax compliance, research by the Federation of Small Businesses (FSB) found. However, businesses that [...]
Cabinet office minister warns businesses giving bonuses and dividends to not expect government support October 12, 2021 Struggling companies facing high gas prices could be refused a government bailout this winter if they have paid out big dividends and bonuses. Cabinet office minister Steve Barclay told Times Radio that the Treasury would scrutinise whether any interventions represented “value for money”. He said: “It’s right from a taxpayer point of view, mindful of [...]
Right tax cuts will boost UK economy and unlock SME investment, says City investor October 12, 2021 Prime Minister Boris Johnson recently refused to rule out further tax rises, calling the pandemic a “fiscal meteorite”. Speaking at the Tory Party conference in Manchester, the Prime Minister praised the UK’s economic recovery which is so far ahead of other G7 nations. Meanwhile, Jacob Rees-Mogg highlighted that the country was already at the “upper [...]
UK muscles out G7 to top economic growth league October 12, 2021 The UK has muscled out its rich nation rivals to top the table for economic growth this year. Britain’s economy will expand 6.8 per cent this year, a faster rate of growth than any other G7 country, according to the International Monetary Fund (IMF). Despite trimming its forecasts by 0.2 percentage points, the UK will [...]
M&A cash: Uncertainty and reduced leverage capacity make it harder to finance takeovers October 12, 2021 One of China’s biggest property developers, Evergrande, has come under mounting pressure in recent weeks to repay investors and bond holders on the back of three missed payments on over $300bn of liabilities. This potential default has triggered fears across global markets that investors will not get their money back. It has also had an effect on [...]
Red hot jobs market strengthens BoE rate hike bets October 12, 2021 A rebound in the UK jobs market back to pre-pandemic health is strengthening bets on the Bank of England hiking interest rates this year. The number of payrolled employees climbed more than 200,000 over the last month, jumping to 29.2m in September, above its pre-pandemic level, according to the Office for National Statistics (ONS). The [...]
