UK inflation climbs to 0.5 per cent after Eat Out to Help Out scheme ends October 21, 2020 UK inflation climbed to 0.5 per cent last month as restaurants and cafes hiked their prices following the end of the Eat Out to Help Out scheme. The headline rate of inflation on the ONS consumer price index (CPI), which tracks the prices of goods and services, came in at 0.5 per cent in September, [...]
Exclusive: London restaurant spend topped 2019 before new restrictions October 21, 2020 Spending at restaurants, pubs and bars in London climbed above 2019 levels for the first time during the coronavirus pandemic before new restrictions were put in place, data provided exclusively to City A.M has shown. Food and beverage spending was 1.7 per cent higher in September than a year earlier, according to Fable Data, which [...]
The government must take back control of the Covid narrative October 21, 2020 The word “narrative” is usually seen as being a posh way of saying “story”. But the idea of narratives is one which is gaining traction in economics. Last year, for example, Nobel laureate Robert Shiller of Yale published a book entitled “Narrative Economics”. He argued that it is the perception of events and the stories [...]
EU sees record demand for social bonds as it ramps up borrowing October 20, 2020 The European Union received a record level of demand for bonds it is selling to support its recovery from coronavirus, in a positive sign for the bloc as it plans to massively ramp up issuance. The EU attracted bids of more than €233bn (£213bn) for the €17bn it sought to raise to fund its Sure [...]
Rishi Sunak: Circuit breaker would be ‘enormously damaging’ to economy October 20, 2020 A new circuit breaker lockdown would be “enormously damaging” for the economy and the government will continue to pursue a localised Covid approach, according to chancellor Rishi Sunak. Sunak told MPs this morning that a two to three week lockdown, which Labour is recommending, would cause “unnecessary pain and suffering on those in parts of [...]
BoE policymaker: New Covid slowdown could require more stimulus October 20, 2020 The resurgence in coronavirus cases in the UK is likely to set back the economic recovery and could require more monetary stimulus, a Bank of England policymaker has said. Monetary policy committee (MPC) member Gertjan Vlieghe said that the growth in new cases meant there could well be more job losses than the Bank initially [...]
Exclusive: South London boroughs lead house price charge October 20, 2020 The south London boroughs of Merton, Croydon and Kingston saw the fastest house price growth in the year to August as the capital’s property market remained surprisingly buoyant, according to exclusive analysis by property website Zoopla for City A.M. Price growth was much slower up in Hillingdon, Barnet and Brent, however, reflecting big differences within [...]
London Metal Exchange ‘Ring’ to remain shut for six more months October 19, 2020 The London Metal Exchange’s (LME) iconic “Ring trading” floor will remain shut for six more months, it was revealed today, raising the prospect of its permanent closure. Since the 1800s, traders at the LME have shouted buy and sell orders for metals while seated around a red curricular sofa but the days of one of [...]
Tiered coronavirus restrictions hit UK high street shopper numbers October 19, 2020 The UK’s new tiered coronavirus restrictions contributed to a drop in footfall at retail sites across the country last week, in a worrying sign for the shaky economy. Visits to high street shops and malls fell 3.1 per cent in the week ending 17 October, according to data company Springboard. It was the fourth consecutive [...]
China’s economy grew 4.9 per cent in third quarter October 19, 2020 China’s economy expanded 4.9 per cent year-on-year in the third quarter, missing expectations but storming ahead of other nations still suffering the economic fallout from the pandemic. Chinese GDP continued its recovery between July and September, marking a second consecutive quarter of growth following a 3.2 per cent hike in the second quarter. The return [...]