Opec+ reach deal to ramp up oil production July 19, 2021 The alliance of oil producing countries have reached an agreement to ramp up oil supply. Opec+ will increase oil production by 400,000 barrels a day in a move expected to dampen soaring oil prices. As part of the deal, the group will reverse an existing cut of 5.8m barrels per day by September next year. [...]
Weekend Read: Job market tension threatens to derail Britain’s economic recovery July 17, 2021 The UK labour market is roaring back to life. After months of being shuttered due to Covid, businesses are finally welcoming customers back through their doors – and ramping up hiring to cope with soaring demand. Companies added 356,000 workers to payrolls over the last month. Total weekly hours worked has reached its highest level [...]
US retail sales smash expectations to surge above pre-pandemic levels July 16, 2021 Retail sales in the US surged unexpectedly last month, providing further evidence that the American economy is roaring back to life after Covid. Sales were 18 per cent higher annually in June and are now above pre-pandemic levels, primarily driven by a sharp uptick in spending in the hospitality industry. Read more: US inflation surges [...]
Sunak eyes budget delay to next year July 16, 2021 Chancellor Rishi Sunak could delay the budget until next year to allow him to assess more timely data on the economic impact of ending business support schemes. The news was first reported by The Guardian, which said officials have reportedly told Sunak waiting until the end of spring 2022 may provide him with more time [...]
Euro 2020: Pubs and restaurants reap rewards of England’s success July 16, 2021 Euro 2020 provided a windfall for pubs and restaurants as the country reached for pints whilst watching England reach their first final since 1966, new research released today shows. Latest spending data from Lloyds Bank shows spending in pubs and restaurants surged during Europe’s flagship men’s international football tournament, rising 52 per cent compared to [...]
Covid unlocking lifts card spending above pre-pandemic levels July 16, 2021 The initial lifting of Covid restrictions in April provided a shot in the arm for card spending in the UK, shows new figures released today. Data from UK Finance reveals the value of card transactions in the UK in April was 11.2 per cent higher than in the same in 2019, before the onset of [...]
Lords: Bank of England has become “addicted” to quantitative easing July 16, 2021 An influential House of Lords committee has warned the Bank of England has become “addicted” to quantitative easing over recent years amid spiralling numbers. In a report penned by authors including former Bank Governor Mervyn King, the peers warned the Bank was not transparent enough around its decision-making and that the perception the Bank had [...]
Mounting inflation could trigger early end to BoE’s bond buying July 15, 2021 An external member of the Bank of England’s monetary policy committee has warned that surging inflation could prompt the central bank to end its bond buying programme early. Michael Saunders said in a speech on Thursday: “if activity and inflation indicators remain in line with recent trends… options might include curtailing the current asset purchase [...]
Inflation to soar to four per cent, warns BoE deputy governor July 15, 2021 The deputy governor of the Bank of England has warned that inflation could soar as high as four per cent, double the Bank’s target. Sir Dave Ramsden said in a speech on Wednesday that he “wouldn’t be surprised to see the whole inflation rate potentially rising as high as four per cent for a period [...]
UK banks expect a rush of defaults in coming months July 15, 2021 UK banks expect defaults to rise over the coming months as households struggle to service debt taken on to cope with the financial pressures of the Covid crisis, new figures released today reveal. According to the Bank of England’s latest Credit Conditions Survey, banks expect default rates on unsecured lending – or credit card lending [...]