Government borrows £18.8bn in October as debt to GDP remains elevated November 19, 2021 The government borrowed the second highest amount of money on record in October as the pandemic continues to hit the public finances. The government borrowed £18.8bn in October, the second highest monthly figure since record began in 1993. The borrowing figure was much higher than expected. Experts had expected public sector borrowing to fall to [...]
Second-hand shopping lifts retail sales above pre-pandemic levels November 19, 2021 Retail sales jumped over the last month as consumers flocked to charity shops, according to data from the Office for National Statistics published today. Retail sales jumped 0.8 per cent over the last month and soared above pre-pandemic levels. Spending at second hand clothes stores climbed over the last month, driving overall retail sales higher [...]
Rush to buy Christmas presents lifts Brits’ optimism November 19, 2021 A rush to buy Christmas presents early to avoid being stung by potential shortages has lifted Brits’ confidence. Shoppers are ready to pounce on big ticket purchases at Black Friday and over the festive period, research by GfK has found. Intention to splurge on expensive products jumped seven percentage points over the last month, climbing [...]
Soaring inflation and tax hikes to squeeze UK economy November 18, 2021 TAX hikes, soaring inflation and an end to pandemic-related government support is souring the UK economy’s prospects, according to City analysts. Brits’ spending power will be eroded by the intensifying cost of living crisis, restricting their ability to splash the cash and drive the economy, analysts at Deutsche Bank warned today. Inflation is accelerating at [...]
Swelling energy bills propel inflation to 4.2 per cent, more than double Bank of England’s target November 17, 2021 Swelling household energy bills have propelled inflation to more than double the Bank of England’s target, dialling up pressure on the Old Lady to act to hose down red-hot price rises. Inflation scaled to 4.2 per cent in October, up sharply from 3.1 per cent in the previous month, according to the Office for National [...]
UK factory prices climb at fastest pace in over a decade November 17, 2021 British manufacturers are hiking prices at the fastest rate in over a decade to offset a margin assault from soaring oil prices. Prices charged at the factory gate are eight per cent higher than they were a year ago, the highest rate of inflation since September 2011, according to the Office for National Statistics (ONS). [...]
London markets struggle for direction as investors mull near decade high inflation print November 17, 2021 London markets struggled for direction this morning as investors mulled the possible fallout of UK inflation reaching its highest level in nearly a decade. The capital’s premier FTSE 100 index edged down 0.06 per cent to 7,322.28 points, while the mid-cap FTSE 250 list of shares rose 0.06 per cent to 23,556.06 points. Swelling household [...]
Pound strengthens against dollar on mounting Bank of England rate hike bets as inflation heats up November 17, 2021 The pound strengthened sharply against the dollar amid growing speculation the Bank of England will hike interest rates due to inflation soaring to more than double its target. Fresh data published this morning by the Office for National Statistics (ONS) shows inflation scaled to 4.2 per cent in October, causing investors to pour into sterling. [...]
Crude moves: End of oil rally may be in sight with US ramping up production November 16, 2021 Soaring oil prices could be reduced by a global rebound in supplies, the International Energy Agency (IEA) said yesterday. In its November oil report, the organisation argued “the tide might be turning” in the market as supplies catch up with demand. The IEA now expects oil production to increase by 1.5m barrels per day over [...]
Nearly $500bn ‘lost to tax abuse’ by companies and elites in 2021 November 16, 2021 Countries have lost $483bn to tax abuse by multinationals and ultra-wealthy individuals, with the UK singled out as the world’s greatest enabler of global corporate tax abuse, according to a new report. The State of Tax Justice 2021 report found that the UK was responsible for nearly 40 per cent of the total losses this [...]