Investors set to scrutinise Fed’s mettle amid inflation surge July 7, 2021 Investors will be looking for any signs of the Federal Reserve wobbling on its ultra-loose monetary policy stance as inflation surges in the US when minutes from its latest FOMC meeting are published today. Last month, the Fed was bullish on the inflation outlook, reiterating that price rises are purely transitory and will ease once [...]
Remote workers drive up UK productivity July 7, 2021 Workers in industries that were able to rapidly pivot to remote working after the onset of the pandemic have driven up productivity levels in the UK, according to new figures released today. Estimates from the ONS show output per job, excluding furloughed workers, was 9.2 per cent higher on average in the first quarter of [...]
EU expects to generate €10bn from new carbon levy July 7, 2021 The EU expects to generate nearly €10bn a year from a new carbon levy on imports as part of its push to tackle climate change. Brussels intends to use the funds to pay down the billions of euros the EU collectively borrowed through its Covid recovery scheme. The tariff, called the Carbon Border Adjustment Mechanism, [...]
Page Group shares rise as labour market improves and recruiter predicts £135m profit July 7, 2021 Page Group shares rise as labour market improves and recruiter predicts £135m profit
Oil prices reach seven-year high after Opec+ abandon supply talks July 6, 2021 Oil prices climbed to their highest level in nearly seven years today after Opec+ failed to end an impasse over proposed output increases. The price of a barrel of WTI neared $77 in morning trading, its highest since 2014, while Brent crude, the international benchmark, shot up for the sixth day in a row to [...]
Bank of England staff to come in one day a week July 6, 2021 Government guidelines regarding working from home is set to be scrapped on July 19th along with many other restrictions. Bank of England has asked all staff to come in to the office once a week, but this is not to be fully implemented until September, this year. The deputy governor and chief operating officer, Joanna [...]
PMI: US services industry extends resurgence into June July 6, 2021 The US services industry extended its resurgence from the troughs of the Covid pandemic into June, according to a closely watched business survey released today. The IHS Markit US Services PMI reached 64.6 in June, the third highest since the survey began and only behind May and April’s readings of this year. A reading above [...]
UK fiscal watchdog puts cost of reaching net zero at £1.4 trillion July 6, 2021 The cost of the UK reaching net zero by 2050 could be as high as £1.4 trillion, according to figures included in a report published by Britain’s fiscal watchdog today. The UK economy will require over £1 trillion in investment over the next three decades to hit the government’s target of making Britain carbon neutral, [...]
Developing economies need more funds to tackle climate change – Carney July 6, 2021 The former governor of the Bank of England has warned that developing countries need more funds to tackle climate change. Speaking to MPs on the Treasury Select Committee, Mark Carney said although private financial markets could fund the investment needed to address climate change in rich countries, emerging markets do not have the same volume [...]
UK construction output growth surges to two decade high July 6, 2021 UK construction output growth reached its highest level for over two decades, according to a closely watched business survey released today. The latest IHS Markit/CIPS UK construction PMI for June was 66.3, up from 64.2 in May, the strongest rate of output growth for exactly 24 years. Sharp rises in business activity across the three [...]