China: Economy under pressure as services sector slumps into contraction August 31, 2021 China’s businesses and the broader economy came under increasing pressure in August as factory activity expanded at a slower pace while the services sector slumped into contraction, raising the likelihood of more near-term policy support to boost growth. Watch the full report.
London Underground halfway back to pre-pandemic levels as Tube passenger return August 31, 2021 The number of passengers using the London Underground has hit about 50 per cent of pre-pandemic levels on weekdays for the first time since the start of the pandemic. Transport for London said it has seen a steady increase in use on the network over the summer and is preparing for further rises in September [...]
Eurozone inflation soars to decade high August 31, 2021 Eurozone inflation soared to its highest level in a decade this month to breach the European Central Bank’s target, according to official figures published today. Data released by Eurostat, Europe’s statistical agency, shows prices rose three per cent this month in the 19 countries that make up the Euro area, ticking up from 2.2 per [...]
Soaring inflation to add £12bn to Rishi Sunak’s debt burden August 31, 2021 Soaring inflation could add at least £12bn to the already heavy debt burden weighing on the public finances, possibly crimping Rishi Sunak’s room for giveaways at the upcoming budget. Higher-than-expected RPI inflation is set to push debt interest payments above official forecasts produced by the government’s spending watchdog. In its latest official forecasts published in [...]
Exclusive: Finance teams go remote as in-house may become a thing of the past August 31, 2021 With more than 75 per cent of adults now fully vaccinated, many employers are calling for a return to the office. However, the UK labour market has seen employees revising their expectations and demand a stronger work-life balance following three strict lockdowns that were defined by remote working. Moreover, the landscape of business management and finance [...]
Stamp duty taper triggers dip in mortgage approvals August 31, 2021 Mortgage approvals declined over the last month as the tapering of the stamp duty holiday deterred Brits from pushing ahead with homepurchases, according to official data published today. Data from the Bank of England shows there were 75,152 mortgage approvals in July, the first full month after the stamp duty taper, down from 80,272 in [...]
Benchmarking has become circular August 31, 2021 | City Talk Time and again throughout my career I have ranted about the nonsense of benchmarking in all its forms. By now I have given up on the hope that business and investing will ever leave the practice behind, so I don’t expect this post to change anything except to make me feel better. I spoke recently [...]
Range of investors circle Teesside superport as offers could hit £2bn August 30, 2021 The battle to win a £2bn takeover of Britains fifth largest port, Teesside’s PD Ports, has gained the attention of numerous investors. The site which was recently awarded a low-tax freeport status has become a target for the Duke of Northumberland’s Northumberland Estates, Legal & General, Credit Suisse joined with the Pension Insurance Corporation. Teesport [...]
UK hopes to wrap up trans-Pacific trade alliance talks ‘by end of 2022’ August 28, 2021 The UK is planning to complete negotiations to join trade alliance the Trans-Pacific Partnership by the end of next year, Liz Truss has said. In an interview with the FT, the international trade secretary said that the talks were government’s immediate priority for its post-Brexit trade agenda. She said that joining the alliance would enable [...]
UK food producers push PM to grant 12-month visas to solve supply problems August 27, 2021 Companies from across the UK’s food chain are calling on the UK Government to grant thousands of extra one-off visas to solve Brexit-induced supply chain problems that now threaten to ruin Christmas. Companies and lobby groups representing food production companies from paddock to payment counter want a 12-month visa to be created for HGV drivers [...]