Markets remain: US averting a shutdown does not resolve debt ceiling issue October 1, 2021 The US government won’t be shut today, as Joe Biden signed a funding bill that should keep the US government agencies running until 3 December. But that doesn’t resolve the whole debt ceiling issue, nor avert the risk of an eventual US default, commented Ipek Ozkardeskaya, Senior Analyst at Swissquote this morning. Treasury Secretary Janet [...]
Shortages and spiralling costs deal blow to Chinese economy September 30, 2021 The steam engine of China’s economy unexpectedly shrank last month, indicating the global recovery from the Covd-19 crisis is losing momentum. China’s manufacturing purchasing managers’ index, a closely watched indicator of the health of the country’s economy, notched a reading of 49.6 in September, lower than the 50.1 predicted by analysts. China, like much of [...]
Exclusive: End of furlough could be the ‘final ingredient in a catalyst for disaster’ September 30, 2021 The end of furlough payments could be the final ingredient in a catalyst for disaster for businesses, according to restructuring and insolvency lawyers City A.M. spoke to this morning. With the winding up of the job retention scheme today, they warned that the 1,348 registered company insolvencies in August could rocket in the months ahead. [...]
IEA: Ease tax burden to stimulate job creation after furlough ends September 30, 2021 The government should tilt policy toward stimulating job creation after the furlough scheme ends today, according to a free-market economic think tank. Professor Len Shackleton, editorial and research fellow at the Institute for Economic Affairs (IEA), slammed the chancellor’s decision to hike national insurance as the jobs market emerges from 18 months of life support. [...]
Sunak to unveil £500m grants to ease cost of living for UK’s poorest September 30, 2021 Rishi Sunak is set to announce £500m in grants to help the country’s poorest during the current cost of living crisis the UK is facing. The chancellor is expected to announce in his Tory party conference speech next week that it will be put in place to help households cope with costs over what is [...]
Central bank chiefs warn inflation shock will persist September 30, 2021 The cream of the central banking crop collectively warned yesterday shortages plaguing rich nations pose a threat to their economic recovery and are unlikely to end anytime soon. Andrew Bailey, governor of the Bank of England, Jerome Powell, chair of the US Federal Reserve and Christine Lagarde, president of the European Central Bank (ECB) said [...]
Furlough ends today: 1m Brits in limbo as thousands of firms face bankruptcy September 30, 2021 Uncertainty looms for the future of almost one million furloughed Brits as the government’s £70bn support programme ends today, after helping out millions of workers across the UK over the last 18 months. Economists have warned that although many may find work in recovering sectors such as hospitality and travel, there is also likely to [...]
Cost of greening UK homes to reach £42bn with poorest hardest hit September 30, 2021 The cost of making the UK’s stock of housing greener will run into the billions, with most of the financial burden being shouldered by the poorest households. It will cost around £42.5bn over the next decade to green British homes, according to the economic think tank the Resolution Foundation. Poorer households are the most likely [...]
Londoners most vulnerable to long-term job shocks after furlough ends September 30, 2021 Londoners are the most vulnerable to suffering long term career damage after the furlough scheme ends today. Research by the Institute for Fiscal Studies (IFS) found just over two in five Londoners who were made redundant during the pandemic had found new work within six months, compared to 58 per cent in the UK. Depressed [...]
Reed exclusive: With half of Londoners looking for a new job, the ‘balance of power is shifting’ September 29, 2021 Six in ten Londoners are currently looking for their next challenge, recruitment giant Reed told City A.M. this afternoon. Chancery Lane-based Simon Wingate, managing director of Reed, shared the findings of a new survey that the company recently commissioned. It showed that over half of Londoners (52 per cent) are either actively looking for a [...]