Pound rallies as UK employment hits record high and wages beat 2008 peak February 18, 2020 Wages beat their pre-financial crisis peak for the first time at the end of 2019, as the level of UK employment rose to a record high of 32.9m people. A total of 180,000 people entered the workforce between October and December 2019, the Office for National Statistics (ONS) said today. That took the number of [...]
UK confidence in household finances hits record high February 17, 2020 UK households’ perceptions of their financial wellbeing rose to their highest ever levels this month in a sign of growing optimism over the UK’s economic prospects. IHS Markit’s UK Household Finance Index (HFI) – which measures households’ overall perceptions of financial wellbeing – increased to 47.6 in February, up from 44.6 in January. Although the [...]
Japan’s economy shrinks at fastest rate in five years February 17, 2020 Japan and Singapore teetered on the brink of recession today after a poor end to 2019 was compounded by the coronavirus threat to the countries’ tourism industries and supply chains. Japan’s economy shrank at its fastest rate in five years at the end of 2019, it was revealed today. GDP fell 6.3 per cent in [...]
DEBATE: Does it make sense to run the Treasury out of Number 10? February 17, 2020 Does it make sense to run the Treasury out of Number 10? Will Tanner, director of Onward, says YES. Boris Johnson is not the first resident of Number 10 to want a closer hold on Number 11. Pitt the Younger, Peel, Disraeli, Gladstone and Baldwin all served as chancellor and Prime Minister concurrently. The two [...]
Consumer credit forecast to grow at lowest rate for six years in 2020 February 17, 2020 Consumer credit is forecast to grow at its lowest rate in six years in 2020, despite a post-election pick-up in consumer confidence. The EY Item Club predicted consumer credit growth of 3.2 per cent this year. Although lending rose slightly at the end of 2019, signalling a post-election increase in demand, the annual forecast remains [...]
Now Mark Carney sees a silver lining to Brexit February 14, 2020 Mark Carney has said there may be a silver lining to Brexit for the UK economy. Speaking to Reuters, the outgoing Bank of England governor said there are some potential upsides for the economy from Brexit, in marked contrast to some of his previous comments on the decision to leave the EU. “In an environment [...]
EU leaves eurozone growth forecasts unchanged February 13, 2020 The European Commission left its economic forecast unchanged for this year and 2021, as it warned that several eurozone member states may see more sluggish growth. The commission said gross domestic product (GDP) growth for the 19 eurozone countries would remain at 1.2 this year, continuing into 2021. The EU executive said that while the [...]
An inclusive market economy is well within reach post-Brexit February 13, 2020 In his Greenwich speech last week, the Prime Minister persuasively set out how the Brexit process must carry with it a Canada-style free trade agreement, resting on the “indispensable principle of comparative advantage.” For Boris Johnson, this means embracing free trade to raise living standards and lift people out of poverty, while casting aside the [...]
UK and EU must avoid a ‘punch-up’ over financial services, says incoming BoE governor Bailey February 12, 2020 Britain and the European Union must find a way to settle disagreements over how the UK’s finance industry can do business with the bloc without it descending into a “metaphorical punch-up”, said incoming Bank of England governor Andrew Bailey. Bailey, who is currently head of the Financial Conduct Authority, also said it would be “hard [...]
Put your money where your morals are: ethical ideas for ESG investing February 12, 2020 Whether or not you agree with activists like Greta Thunberg or campaign groups like Extinction Rebellion, there’s been a clear societal shift in recent years to recognise the need to tackle problems like climate change or global poverty. One aspect of that shift is the increasing trend for savers to consider the environmental, social, and governance [...]