UK borrowing drops to £22bn in October but deficit hits new record November 20, 2020 The UK government’s borrowing dropped sharply in October as companies and individuals required less economic support, with spending on the furlough scheme almost quartering. Public sector net borrowing came in at £22.3bn last month, down sharply from a downwardly revised figure £28.6bn a month earlier, the Office for National Statistics (ONS) said. It was also [...]
UK retail sales outperform expectations ahead of second lockdown November 20, 2020 UK retail sales rose for the sixth consecutive month, smashing analysts’ expectations as Britons stocked up on goods ahead of new restrictions. In October UK retail sales volumes grew 1.2 per cent, well ahead of the 0.0 per cent expected, said the Office for National Statistics. Volumes are now 6.7 per cent higher than in [...]
Little ‘Christmas cheer’ as UK consumer confidence falls November 20, 2020 New coronavirus restrictions and rising cases knocked UK consumer confidence in November, a survey has shown, as people became more gloomy about their future economic health. The closely watched consumer confidence index from researcher GfK fell two points to minus 33 in November, its lowest reading since June. Britain’s economy has been hit particularly hard [...]
UK salaries rise by 1.7 per cent on low inflation November 19, 2020 UK employees in the private sector received a better-than-forecast average salary increase this year next year are set to be muted. ECA International’s Salary Trends report reveals most employees received a 1.7 per cent salary increase, ahead of the forecasted 1.1 per cent due to low inflation. Real salary increase is based on the difference [...]
US unemployment benefit numbers spike on fresh Covid-19 resurgence fears November 19, 2020 The number of Americans filing new claims for unemployment benefits unexpectedly rose last week as new business closures to control the spiraling Covid-19 infections unleashed a fresh wave of layoffs and further slowed the labor market recovery.
UK manufacturing orders drop as near-term outlook darkens November 19, 2020 Britain’s manufacturers suffered a fall in orders in November as governments tightened coronavirus restrictions in a bid to halt the rapid spread of coronavirus, a survey has shown. The CBI’s monthly measure of manufacturing order books fell to a score of minus 40 in November. It had picked up sharply to minus 34 in October, [...]
One in seven UK companies at risk of collapse as recovery slows November 19, 2020 Around one in seven UK companies said they were at risk of collapse as the economy faces a tough winter with coronavirus cases still surging and an England-wide lockdown in place. The Office for National Statistics (ONS) said 14 per cent of UK companies reported having “low or no confidence” that they would survive the [...]
ECB’s Lagarde: EU must release Covid recovery funds ‘without delay’ November 19, 2020 European Central Bank (ECB) president Christine Lagarde has urged EU countries to solve their disagreements over the €750bn (£670bn) recovery fund, amid fears that delays could damage economies facing a tough winter of rising coronavirus cases. Lagarde told the European Parliament that the budget package – which amounts to around €1.8 trillion overall – “must [...]
BoE’s Andy Haldane: Digital currencies could cut risk and boost lending November 18, 2020 Digital currencies could reduce risk in the financial system and aid monetary policy with interest rates close to rock bottom, Bank of England chief economist Andy Haldane has said. Haldane also told The City UK’s annual conference that new technological infrastructure should be considered to help small and medium-sized businesses better access finance after years [...]
UK inflation picks up despite lockdowns as clothing prices rise November 18, 2020 Prices picked up across the UK economy in October, the latest figures have shown, with clothing pushing inflation higher after disruption to the sector earlier in the year. Consumer price index inflation came in at 0.7 per cent on an annual basis last month, the Office for National Statistics (ONS) said. That was up from [...]