British savings jump during lockdown as UK GDP slips June 30, 2021 British households increased their savings sharply at the beginning of the year as the third coronavirus lockdown closed pubs, restaurants and shops. The UK’s savings ratio, which measures the income households saved as a proportion of disposable income, rose to 19.9 per cent from 16.1 per cent in the fourth quarter of 2020. This was [...]
UK’s debt risks soaring by over £100bn due to post-pandemic inflation June 29, 2021 The Bank for International Settlements (BIS) today published its annual report today, suggesting that the UK’s post-pandemic debt could rise by over £100bn due to inflation. In its report, the Swiss-based bank set out its outlook for global recovery from the Covid pandemic. Its primary scenario was one of solid recovery but at uneven rates, [...]
Consumer credit borrowing exceeds repayments for first time since August June 29, 2021 Households borrowed more in consumer credit than they repaid in May for the first time since August, according to Bank of England data published on Tuesday. Net consumer credit was £280m in May, reversing a trend seen throughout the majority of the pandemic as households reined in spending whilst the economy was shuttered. The positive [...]
Cost of buying first home in London more than doubles over last half century June 26, 2021 Today’s first-time-buyers in London have to pay two and a half times as much for their first home as they did five decades ago, according to new research. A report published by the Resolution Foundation today shows the cost of purchasing a first home with a mortgage in the capital was £212,000 in 1974 – [...]
Euro 2020 fails to trigger surge in spending on pints June 25, 2021 Euro 2020 has failed to trigger a burst in spending at pubs and restaurants, reveals new research. Spending in pubs and restaurants in the first 13 days since Europe’s flagship international football tournament kicked off was eight per cent lower than the 13 days before, according to debit card spending data from Lloyds Bank. The [...]
Consumer confidence resilient in June despite freedom day delay June 25, 2021 Consumer confidence remained resilient despite a delay to a lifting of the remaining lockdown restrictions in the UK, a closely watched survey has revealed. Data from GfK shows overall consumer confidence remained unchanged over the last month at minus nine in June 2021. But, this is up significantly from minus 30 in June last year. [...]
Bank expects inflation to breach target and shoot above three per cent June 24, 2021 Bank of England expects inflation to breach target and shoot above three per cent
City looks to Bank of England for clues on inflation battle plan June 24, 2021 City looks to Bank of England for clues on inflation battle plan
Could global growth this year be the fastest this century? June 23, 2021 | City Talk The world economy is set for its fastest year of growth in the 21st century this year, according to our latest forecasts. We now think global GDP is set to expand by 5.9 per cent in 2021, having upgraded our previous forecast of 5.3 per cent. As lockdowns ease, the service sector – which includes businesses [...]
UK PMIs: Business continues to expand at rapid pace in June June 23, 2021 UK business activity continued its rapid growth in June as the post-Covid reopening boom continued apace, new figures today suggested. A flash reading of the IHS Markit Composite PMI, which combines services and manufacturing, came in at 61.7, down from 62.9 in May. Any score above 50 indicates growth. Despite the continued expansion, today’s readings [...]
