Poll: British pound to bounce if UK avoids no-deal Brexit October 4, 2019 The British pound will get a post-Brexit bounce if the UK leaves the European Union with a deal, a new poll of economists shows. However, if no Brexit deal is reached sterling will suffer further losses against the dollar, according to Reuters’ survey. Read more: Sterling jumps to push FTSE deeper into the red If [...]
Boris can talk a good pro-market game, but matching policies are yet to follow October 4, 2019 This government, unlike governments before it, is not afraid to announce its pro-market and pro-enterprise philosophy. Boris Johnson’s declaration of support for capitalism on stage at the Conservative party conference is not exactly the stuff of breaking news headlines. But while it may not be newsworthy, it is certainly noteworthy, as it represents a huge [...]
Taxes too high where you live? It’s time to vote with your feet October 4, 2019 Moving is the ultimate form of tax avoidance. It is legal and effective – although rather drastic. Often we think in terms of a person or business relocating from one country to another. Last year Sir Jim Ratcliffe, Britain’s richest businessman, decided to move to Monaco. In 2010, his company Ienos moved its headquarters to [...]
DEBATE: Should we be worried about yesterday’s services sector PMI data? October 4, 2019 Should we be worried about yesterday’s services sector PMI data? Simon Wilson, director at Icon Solutions, says YES. The UK services sector represents around 80 per cent of our overall economic output, so a contraction in this area should set alarm bells ringing for economists and business owners. The City serves as the engine of [...]
Rising UK recession risk frightens businesses October 4, 2019 The spectre of recession is looming over the British economy with the country’s huge services sector having contracted in September, according to closely-watched survey data from yesterday. Read more: UK recession alarm bells ring as UK service sector contracts The sector – which makes up about 80 per cent of the UK economy – saw [...]
IFS warns government against fuel duty cut October 4, 2019 The Institute for Fiscal Studies (IFS) has warned the government against cutting fuel tax by 2p per litre in the upcoming budget, which it is reportedly considering, saying it would cost the government £1bn a year in lost revenue. Read more: Fuel duty cut on the cards as threat of general election looms The IFS, [...]
US non-manufacturing sectors undershoot expectations October 3, 2019 The US’s non-manufacturing sector severely undershot expectations last month, survey data showed today, continuing the trend of bad economic news from the world’s biggest economy. Read more: Global stock markets bleed red on US-EU trade war fears The Institute for Supply Management’s (ISM) non-manufacturing purchasing managers’ index (PMI) – a gauge of the health of [...]
European policymakers eye up fiscal policy in response to slowdown October 3, 2019 Two senior European policymakers have said fiscal policy – spending and taxing – should be a tool to boost the region’s struggling economy and deal with a potential shock. Read more: Eurozone recession risk ‘very risk’ as slowdown infects service sector European Central Bank (ECB) vice president Luis de Guindo said a “dedicated centralised fiscal [...]
UK recession alarm bells ring as services sector contracts October 3, 2019 The risk of a UK recession has shot up after the huge services sector contracted in September, causing the biggest cut in employment in over nine years, according to closely-watched survey data. Read more: Global stock markets bleed red on US-EU trade war fears The sector – which makes up about 80 per cent of [...]
Eurozone recession risk ‘very real’ as slowdown infects services sector October 3, 2019 Germany slipped into recession territory last month as the Eurozone teetered on the brink of stagnation, data revealed today. The bloc’s biggest economy showed the weakest growth in business activity for three years, according to IHS Markit’s Germany Composite PMI. Read more: Recession alarm bells ring as UK services sector contracts “A technical recession now [...]