US stocks resist following FTSE lower as markets digest Fed minutes and oil rout August 19, 2021 Wall Street resisted the European market rout that sent the FTSE falling today and opened broadly flat today as investors digested news that the US Federal Reserve may tighten monetary policy this year. The S&P 500 edged down to 4,399.90 points, while the Dow Jones slipped to 34,944.70 points. Concerns about a possible earlier than [...]
Fed policymakers prepared to curb support August 19, 2021 A majority of Federal Reserve ratesetters think it could be time to wind down the central bank’s enormous monetary support unleashed in response to the Covid crisis this year. Minutes breaking down discussions at the central bank’s latest Federal Open Market Committee meeting reveal most of its policymakers would support curbing the Fed’s bond buying [...]
Oil prices tumble on mounting early Fed taper fears August 19, 2021 Oil prices plummeted to their lowest level in four months today, driven by mounting concerns that the US Federal Reserve could rein in the wave of monetary support it unleashed in response to the Covid crisis earlier than expected. International benchmarks WTI and Brent Crude dipped 3.53 per cent and 3.03 per cent to $63.15 [...]
‘Pingdemic’ suffocates pubs and restaurants as growth slows for first time since March August 19, 2021 Worker shortages triggered by the “pingdemic” are hitting pubs, bars and restaurants’ trading, according to fresh figures released today. According to Lloyds Bank’s UK recovery tracker, output at food and drink businesses dropped in July as a result these firms struggling to scale supply amid staff shortages and high rates of self-isolation. Output at food [...]
Widening deficit lays bare difficulties of Scottish independence August 18, 2021 The response to the Covid crisis has inflicted severe damage on Scotland’s public finances, according to official figures released today. Scotland’s fiscal deficit swelled to 22.4 per cent of GDP in the year to April 2021, more than eight percentage points higher than the same ratio for the UK as a whole. In 2019/20, Scotland’s [...]
Afghanistan central bank governor: ‘I think the economic situation will deteriorate’ August 18, 2021 The governor of the Afghanistan central bank has warned that the country’s economy is likely to be plunged into despair after the Taliban took control of Kabul. Speaking to the BBC, Ajmal Ahmady said: “I think the economic situation will deteriorate. I would expect donor flows [of aid] to significantly decline over the next couple [...]
UK inflation drops to two per cent in July August 18, 2021 Inflation in the UK dropped in July, driven by sharp falls in prices for clothing and footwear as retailers sought to stimulate demand by slashing prices amid the traditional summer sale season, according to official figures released today. The Office for National Statistics said prices rose two per cent over the last year, down from [...]
Government to breach manifesto pledge and scrap triple lock August 18, 2021 The Conservative government is set to break a key manifesto pledge next year to avoid placing further pressure on the strained public finances. The state pension will rise 2.5 per cent next year, breaching the Tories’ promise to retain the triple lock increase. Under the policy, the state pension rises by whichever is highest out [...]
Wage growth soars: What does it mean for the pensions triple lock? August 17, 2021 UK wage growth flew over the last quarter, indicating that the labour market recovered sharply from the worst effects of the Covid crisis as restrictions eased between April and June. However, what will this mean for the state pension triple lock? Under the policy, the state pension rises by whichever is highest out of inflation, [...]
UK unemployment rate shrinks faster than expected to 4.7 per cent August 17, 2021 The UK jobless rate shrank faster than expected over the last quarter as employers hired workers rapidly to cope with soaring demand triggered by the lifting of Covid restrictions, according to official figures published today. Latest data from the Office for National Statistics shows the unemployment rate dipped 0.2 per cent over the last quarter [...]