Government to breach manifesto pledge and scrap triple lock August 18, 2021 The Conservative government is set to break a key manifesto pledge next year to avoid placing further pressure on the strained public finances. The state pension will rise 2.5 per cent next year, breaching the Tories’ promise to retain the triple lock increase. Under the policy, the state pension rises by whichever is highest out [...]
Wage growth soars: What does it mean for the pensions triple lock? August 17, 2021 UK wage growth flew over the last quarter, indicating that the labour market recovered sharply from the worst effects of the Covid crisis as restrictions eased between April and June. However, what will this mean for the state pension triple lock? Under the policy, the state pension rises by whichever is highest out of inflation, [...]
UK unemployment rate shrinks faster than expected to 4.7 per cent August 17, 2021 The UK jobless rate shrank faster than expected over the last quarter as employers hired workers rapidly to cope with soaring demand triggered by the lifting of Covid restrictions, according to official figures published today. Latest data from the Office for National Statistics shows the unemployment rate dipped 0.2 per cent over the last quarter [...]
July online sales reach record high of £10bn as return to the office boosts consumer spending August 16, 2021 UK e-commerce spending hit £10 bn in July, the highest monthly spend in 2021 so far, and the most spent in July ever according to Adobe’s Digital Economy Index. This brings this year’s total online spend to £64.9 bn, a massive increase of 56 per cent from 2019. While offline inflation has continued to increase [...]
Wall Street ends hot streak and opens lower amid China growth slowdown August 16, 2021 Wall Street fell from last week’s record highs at Monday’s open amid concerns about the impact of the crisis in Afghanistan and after China missed expectations on a range of data, signalling that its economy was slowing down. The S&P 500 slid down 0.4 per cent from Friday’s all-time high of the year, while the [...]
Job ads dip for first time in two months August 13, 2021 Job vacancies fell for the first time in two months suggesting that severe worker shortages that have plagued the UK labour market are starting to clear, according to new figures released today. Data from the Recruitment and Employment Confederation shows the number of active job postings dropped by 2,000 over the last week, the first [...]
EU exports to Britain jump as trade surplus widens August 13, 2021 Exports to Britain from the European Union jumped over the last month helping to widen the bloc’s trade surplus, according to official figures released today. Figures from Eurostat, the EU’s official statistics agency, show exports to Britain rose 4.7 per cent in June compared to May, despite the UK leaving the EU’s single market at [...]
Fed to provide clues on bond buying tapering next month August 13, 2021 Experts expect the Federal Reserve to announce its plan to wind down its ultra-loose monetary policy measures launched in response to the Covid crisis next month. Nearly two thirds of economists polled by Reuters think the US central bank will outline how it will taper its asset purchases at the next meeting of the Federal [...]
Low earners bear the brunt of job cuts in high pay packet areas August 12, 2021 Areas of the UK that house people on higher pay packets have registered some of the steepest falls in jobs during the Covid crisis, reveal brand new figures released today. Research from the Resolution Foundation shows Westminster in central London, the area of the UK with the highest average earnings, experienced a 3.6 per cent [...]
White House urges Opec to boost oil supply August 11, 2021 The White House has urged the alliance of oil producing nations to rapidly scale oil production to avoid a slow down in the global economic recovery. In a statement released today, the White House said President Joe Biden’s administration had pushed Opec to ramp up oil output to ease supply constraints. Global benchmarks slipped on [...]