Number of workers on furlough reaches pandemic-low as nearly 600k exit scheme July 29, 2021 The number of people on furlough has reached the lowest level since the scheme was launched in response to the Covid crisis in March last year after nearly 600k workers exited the scheme, new figures released today show. 1.9m people were on furlough at the end of June, down from 2.4m in May, driven by [...]
Rush to beat stamp duty deadline drives mortgage borrowing to record high July 29, 2021 A rush to complete house purchases before the tapering of the stamp duty holiday at the end of June drove mortgage borrowing to a record monthly high, reveal new figures published today. The Bank of England said mortgage borrowing hit £17.9bn in June, surging 163 per cent in just a month from £6.8bn in May. [...]
Weaker economic backdrop presents fresh headaches for Fed July 28, 2021 Today’s Federal Open Market Committee announcements come amid mounting concerns that the rapid rise in Covid cases could dampen the global economic recovery. This backdrop presents a different set of problems for Fed Chair Jerome Powell to when he last spoke in June. Recovery prospects are still good, but have tempered. Investors around the world [...]
Shop prices drop as retailers compete for consumers’ pounds July 28, 2021 Prices for products in shops dipped over the last year driven by strong competition between retailers to attract consumers, according to new figures released today. The British Retail Consortium and NielsenIQ’s latest shop price index shows prices in shops fell 1.2 per cent annually in July. Read more: UK inflation hits 2.5 per cent in [...]
Covid recovery: IMF predicts UK economy to grow fastest of all G7 nations July 27, 2021 The UK economy is set to recover much faster than expected from the Covid crisis as a resurgence in consumer spending and the success of the vaccine rollout boosted official forecasts. According to the International Monetary Fund’s latest World Economic Outlook report, the UK economy will expand seven per cent this year, a sharp increase [...]
House prices to surge another £50,000 over next five years July 27, 2021 House prices are expected to surge another £50,000 over the next five years, further reducing affordability in the UK property market, according to new forecasts published today. Estate agent Savills predicts house prices will jump nine per cent this year, driven by the extended stamp duty holiday and prospective buyers rushing to purchase larger homes [...]
`Your network is your net worth´: seven tips to propel your career July 27, 2021 | City Talk My thought leadership speaking tours to the Middle East and Europe were postponed. To convince the organizers to host their events online, I went on a shopping spree and bought all kinds of audio and video equipment just before the first lockdown in Singapore. It wasn’t just me. Everyone, from students to senior professionals, needed [...]
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 [...]