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 [...]
FTSE pushes higher as City awaits Monday’s reopening July 16, 2021 London’s markets rose this morning as the City geared up for Monday’s loosening of coronavirus restrictions and the unlocking of the rest of the economy. Both the FTSE 100 and mid-cap sibling the FTSE 250 are up 0.4 per cent so far today, pushed higher by a raft of heavyweight stocks. Although energy group DCC [...]
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 [...]
US stocks lose ground despite strong jobless claims July 15, 2021 US stocks fell on Thursday despite strong jobless claims data strengthening the outlook for the American economy. The blue chip S&P 500 dropped 0.65 per cent today, while the tech-heavy Nasdaq fell 1.14 per cent on falls among growth stocks. The Dow Jones slipped 0.17 per cent. Read more: US stocks muted as Powell moves [...]
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 [...]
Oil prices slide further as traders brace for supply increase July 15, 2021 Oil prices slid further on Thursday as traders prepare for a wave of supply to flood the market. Benchmarks WTI Crude and Brent Crude were down 1.01 per cent and 0.92 per cent respectively today. Read more: Opec+ end deadlock over oil supply policy, says source Prices slid two per cent yesterday after news broke [...]
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 [...]