UK’s public debt pile tops £2 trillion for first time ever August 21, 2020 The UK government’s debt exceeded £2 trillion for the first time in July and is expected to go higher as the Treasury pours unprecedented amounts of stimulus into the economy amid the coronavirus pandemic. The debt – the total amount that the government has borrowed and owes – jumped by an enormous £228bn in the [...]
New US jobless claims back above 1m after surprise jump August 20, 2020 The number of Americans making new jobless claims jumped unexpectedly back above the 1m mark last week, in a worrying sign for the US economy. The total claims of 1.11m in the week ending 8 August were 135,000 higher than the previous week’s total of 971,000, the Department of Labor said. And the figure was [...]
UK economy: Footfall at highest level since March but job postings fall August 20, 2020 The number of Britons venturing out to shops and restaurants rose to its highest level since March, with footfall running at two-thirds of the level seen a year ago, new figures have shown. However, the Office for National Statistics’ (ONS) said one in ten UK businesses reported they were at “moderate” risk of insolvency, indicating [...]
Poll: Britain’s economy won’t recover for at least two years August 20, 2020 Britain’s economy will not fully recover from its current historic downturn for at least two years, a Reuters poll of economists found, but there is only a slim chance the Bank of England will use negative interest rates to boost the upswing. Britain has suffered the highest death toll from the novel coronavirus in Europe, [...]
Pound slips after touching highest level since start of year August 19, 2020 The pound slipped back after touching its highest level against the dollar since the start of January, as traders weighed up Brexit negotiations and rising inflation. Sterling hit $1.327 today, erasing its losses for 2020 as it reached its highest level since 1 January. It was helped by the continuing slide in the dollar, which [...]
HSBC warns UK economy to shrink 10.3 per cent in 2020 August 19, 2020 The UK’s biggest bank HSBC has sharply downgraded its forecast for the UK economy, predicting it to shrink by 10.3 per cent this year and only grow six per cent in 2021. The latest figures are markedly more pessimistic than its previous prediction of a 7.8 per cent contraction in 2020 followed by growth of [...]
UK rail fares set to increase by 1.6 per cent in January despite pandemic August 19, 2020 UK rail fares are set to increase by 1.6 per cent in January, adding more than £100 to many annual season tickets to London, after an unexpected rise in a controversial measure of inflation. Official figures published today showed that retail price index (PRI) inflation rose by 1.6 per cent in July year on year. [...]
BCC: UK businesses face tough outlook after furlough ends August 19, 2020 More than one in three UK businesses have emerged from a bruising lockdown with less than three months’ worth of cash reserves, according to a British business body that warned firms remain “in the eye of the storm”. A survey conducted by the British Chambers of Commerce (BCC) found that business conditions have only slightly [...]
UK inflation unexpectedly rises on oil prices and clothes shopping August 19, 2020 UK inflation jumped unexpectedly to one per cent in July from 0.6 per cent in June amid a surge in global energy prices and increased retail activity, the Office for National Statistics (ONS) has said. The consumer price index inflation reading was the highest since March and markedly higher than the 0.6 per cent analysts [...]
Busting the myth of the selfless bureaucrat August 19, 2020 There seems to be a fundamental problem with quangos. Hardly a day seems to go by without some new story of incompetence and mismanagement emerging. Public Health England (PHE) is at least going to be put out of its misery by health secretary Matt Hancock, and replaced with a new agency specifically focused on pandemics. [...]
