Government borrowing smashes expectations but debt-to-GDP highest since 1960s August 20, 2021 Government borrowing smashed official forecasts last month as the deficit narrowed by nearly half its levels registered at the height of the Covid crisis, official figures released today reveal. Data released by the Office for National Statistics shows in July of this year, public sector borrowing reached £10.4bn, the second highest figure for the month [...]
Savers predict double-digit investment returns: is that a danger sign? August 20, 2021 | City Talk Savers today are more optimistic than at any point in the past five years, expecting their future investment returns to average more than 11 per cent per year. They are more likely to invest further, and to check up on their investments more frequently – but most striking of all they expect higher future returns. [...]
End of Euro 2020 dampens retail sales in July August 20, 2021 UK retail sales fell sharply over the last month driven by the end of the Euro 2020 football tournament in July stemming Brits’ spending on food and drink, according to official figures released today. Data from the Office for National Statistics shows retail sales volumes dropped 2.5 per cent between June and July of this [...]
US stocks resist following FTSE lower as markets digest Fed minutes and oil rout August 19, 2021 Wall Street resisted the European market rout that sent the FTSE falling today and opened broadly flat today as investors digested news that the US Federal Reserve may tighten monetary policy this year. The S&P 500 edged down to 4,399.90 points, while the Dow Jones slipped to 34,944.70 points. Concerns about a possible earlier than [...]
Fed policymakers prepared to curb support August 19, 2021 A majority of Federal Reserve ratesetters think it could be time to wind down the central bank’s enormous monetary support unleashed in response to the Covid crisis this year. Minutes breaking down discussions at the central bank’s latest Federal Open Market Committee meeting reveal most of its policymakers would support curbing the Fed’s bond buying [...]
Oil prices tumble on mounting early Fed taper fears August 19, 2021 Oil prices plummeted to their lowest level in four months today, driven by mounting concerns that the US Federal Reserve could rein in the wave of monetary support it unleashed in response to the Covid crisis earlier than expected. International benchmarks WTI and Brent Crude dipped 3.53 per cent and 3.03 per cent to $63.15 [...]
‘Pingdemic’ suffocates pubs and restaurants as growth slows for first time since March August 19, 2021 Worker shortages triggered by the “pingdemic” are hitting pubs, bars and restaurants’ trading, according to fresh figures released today. According to Lloyds Bank’s UK recovery tracker, output at food and drink businesses dropped in July as a result these firms struggling to scale supply amid staff shortages and high rates of self-isolation. Output at food [...]
Widening deficit lays bare difficulties of Scottish independence August 18, 2021 The response to the Covid crisis has inflicted severe damage on Scotland’s public finances, according to official figures released today. Scotland’s fiscal deficit swelled to 22.4 per cent of GDP in the year to April 2021, more than eight percentage points higher than the same ratio for the UK as a whole. In 2019/20, Scotland’s [...]
Afghanistan central bank governor: ‘I think the economic situation will deteriorate’ August 18, 2021 The governor of the Afghanistan central bank has warned that the country’s economy is likely to be plunged into despair after the Taliban took control of Kabul. Speaking to the BBC, Ajmal Ahmady said: “I think the economic situation will deteriorate. I would expect donor flows [of aid] to significantly decline over the next couple [...]
UK inflation drops to two per cent in July August 18, 2021 Inflation in the UK dropped in July, driven by sharp falls in prices for clothing and footwear as retailers sought to stimulate demand by slashing prices amid the traditional summer sale season, according to official figures released today. The Office for National Statistics said prices rose two per cent over the last year, down from [...]