£54bn pandemic export hit: UK losing market share in US, Germany and China March 8, 2021 The UK’s goods exports slumped by £54bn in 2020 and Britain lost market share to its main competitors as Covid-19 hammered global trade, according to new research published this morning. The findings, from Aston University’s Lloyd’s Banking Group Centre for Business Prosperity, showed that Britain suffered a 14.7 per cent drop in goods exports, one of [...]
Service sector confidence hits 12-month high on UK vaccine rollout March 7, 2021 Service sector confidence has risen to a 12-month high amid hopes the UK’s successful vaccine rollout will fuel an end to lockdown measures. The services optimism index, compiled by accountancy firm BDO, surged to 94.13 in February from 86.60 the previous month, marking its highest level since the Covid-19 outbreak last year. The rising index, [...]
Hancock firm on NHS one per cent pay rise despite nurse and union pressure March 5, 2021 Matt Hancock rejects opposition to one per cent pay rise despite union hostility towards the decision
Pound sterling falls back to near $1.38 on US jobs data surprise March 5, 2021 Pound Sterling rises tempered by strong US economic figures
Number of new jobs in the US smashes expectations with 379,000 roles added in February March 5, 2021 Number of new jobs in the US smashes expectations with 379,000 roles added
China sets new growth target above six per cent March 5, 2021 Prime Minister Li Keqiang announced the new six per cent economic target today at the opening of this year’s National People’s Congress, and pledged to create more jobs in China’s cities. This marks a return to strong economic growth after China’s economy was hit by the Covid-19 pandemic last year. In 2020 the economy only [...]
Oil prices jump five per cent as Opec mulls supply cuts March 4, 2021 The price of Brent crude increased by $2.91 today, up 4.5 per cent and West Texas Intermediate (WTI) crude rose $2.75 to around $64 a barrel, up 4.49 per cent. The price rises came as ministers from the Organisation of the Petroleum Exporting Countries and its allies convened a meeting to discuss a potential [...]
2026 average earnings forecast to be no higher than 2008 level March 4, 2021 Average earnings in 2026 are estimated to be no higher than their 2008 level according to forecasts by the Institute of Fiscal Studies. The findings came as part of the think tank’s response to Rishi Sunak’s budget delivered on Wednesday. As part of his plans, the Chancellor froze the personal allowance on income tax implying [...]
Before the Bell: Sunak’s Budget aims to boost GDP, the pain comes later March 4, 2021 Although yesterday’s UK Budget was generally well received in the international markets, with the fiscal taps to be left fully open until December, the British Pound did rally. With the major decisions pre-announced earlier this week, a big equity market reaction to the Budget speech was unlikely anyway. In addition to the extension of Covid-19 specific support, [...]
Budget 2021: Which expected policies were not announced? March 3, 2021 Rishi Sunak’s Budget was a tale of two halves, with the chancellor spending big over the next two years before implementing a series of tax rises in the years after. Many of the policies announced were already leaked days or weeks in advance, with the corporation tax rise to 25 per cent for the UK’s [...]