Vaccine rollout and surging consumer spending to fuel fastest economic growth since WW2 July 26, 2021 The rapid rollout of Covid vaccines and a surge in consumer spending has prompted forecasters to improve their outlook for the UK economy. Forecasts published by EY Item Club predict that the UK economy will grow 7.6 per cent this year, the fastest pace of expansion since 1941. The recent burst in consumer spending triggered [...]
Euro 2020 pushes retail sales above pre-Covid levels July 23, 2021 Retail sales surged above pre-pandemic levels last month as consumers rushed back to high streets to buy products that were unavailable amid Covid lockdowns and splurged on pints during matches at Euro 2020, new figures released today reveal. The volume and value of retail sales in June were up 9.5 per cent and 10.6 per [...]
Worker shortages bite as UK economic recovery stalls in July July 23, 2021 Shortages of workers and raw materials triggered by the “pingdemic” and supply chain constraints is threatening to stall the UK’s economic rebound from the Covid pandemic, show new figures published today. IHS Markit / CIPS’ latest flash UK composite PMI fell to 57.7 in July, the lowest reading since March. The reading dropped markedly over [...]
Covid sharpens inequalities in UK housing market July 23, 2021 The Covid crisis has widened inequalities in the UK housing market, according to new research published today. Figures from building society Nationwide show one in four private renters think the pandemic has made it more difficult for them to buy a home. Sharp rises in house prices over the last year, driven by demand being [...]
UK consumer confidence jumps on stronger than expected economic rebound July 23, 2021 UK consumer confidence rose for the sixth month in a row in July driven by the economy recovering much faster than initially expected. GfK’s latest consumer confidence index edged up two points to minus seven this month, marking the strong improvement in households’ outlook since the initial Covid unlocking in April of this year. The [...]
London dominates hiring hotspots in the UK July 23, 2021 Six of the UK’s top ten hiring hotspots are in London showing that the capital’s jobs market is roaring back to life, according to new research published today. Figures from the Recruitment and Employment Confederation shows Brent has the fastest rate of job posting growth in the UK, rising 3.7 per cent to 4,616 over [...]
ECB holds rates at record low to fuel inflation July 22, 2021 The European Central Bank has kept interest rates at a record low in a bid to stimulate higher price growth to help it reach its two per cent inflation target. The central bank of the 19 nations that share the euro said it intends to keep rates at historic lows for longer than first estimated. [...]
BoE deputy governor moves to quash inflation fears July 22, 2021 The deputy governor of monetary policy at the Bank of England moved to temper fears that the UK economy is facing a period of persistently higher inflation today. In a speech, Ben Broadbent said that he was “not convinced that the current inflation in retail goods prices should in and of itself mean higher inflation [...]
Spending watchdog chief calls for fiscal policy to be more nimble July 21, 2021 The head of the government’s spending watchdog has called for fiscal policy to be more “nimble”. Richard Hughes, chairman of the Office for Budget Responsibility, told the Treasury select committee today that policy “needs to be more alive to factors that might drive interest rates higher.” Read more: Covid: Government borrowing falls in June Hughes [...]
Support enterprise to repair economy, urges IoD July 21, 2021 The UK government must support enterprise to stimulate economic growth after the Covid crisis recedes, according to the Institute of Directors. The IoD stressed that fresh policies are needed to increase entrepreneurial activity and help businesses realign their operations to fit within the post-Covid economy. Among the measures the IoD called for was a reduction [...]
