UK’s trade deficit narrows in July as the weak pound cheers exporters September 9, 2016 A weak pound may be bad news for holiday makers – but exporters were celebrating in the aftermath of the Brexit vote, new data has suggested. In fact, tumbling sterling pushed exports up to such a degree that the UK's trade deficit narrowed by £1.1bn to £4.5bn in July, the first full month after the EU [...]
The number of jobs available in London has fallen by 20 per cent September 9, 2016 The number of London-based jobs available has fallen by 20 per cent since this time last year. According to data from recruitment consultancy Morgan McKinley, there has been a four per cent month-on-month increase in the number of jobs and a four per cent increase in London professionals seeking jobs. Morgan McKinley said this was "remarkable" given the recent Brexit vote. Read more: [...]
UK construction output wasn’t as bad as expected last month September 9, 2016 The UK's construction sector has been in pretty dire straits in recent months – but it turns out in the month immediately following the Brexit vote, things began to look up. Figures from the Office for National Statistics suggested today that construction output stayed flat between June and July – against expectations of a 0.5 per cent [...]
World Bank lays bare the $5 trillion cost of dirty air September 8, 2016 A landmark study from the World Bank has found deaths as a result of air pollution cost the world more than $5 trillion (£3.8 trillion) a year. The new report, published yesterday, highlighted the staggering economic impact of one of the world’s top killers and prompted calls for government action from economists and conservationists. The [...]
It’s pure hubris for politicians to think they can “rebalance” the economy September 8, 2016 Theresa May is reviving the idea of interventionist industrial strategy, and wants to “rebalance” the economy. Many people are jumping on the bandwagon. They should jump right off again. Even the more mature of today’s politicians were still in the school playground when these ideas last made waves. In the 1950s and 1960s, UK governments [...]
European Central Bank (ECB) chief Mario Draghi says Eurozone recovery ‘dampened’ by Brexit uncertainty September 8, 2016 Mario Draghi, chief of the European Central Bank (ECB), said today that the economic recovery in the Eurozone is likely to be dampened – partly because of the UK's Brexit vote. Euro area GDP was up by 0.3 per cent quarter-on-quarter in the second quarter and incoming data points to ongoing growth in the third [...]
ECB leaves rates unchanged and confirms it will run QE until March 2017 September 8, 2016 The European Central Bank (ECB) has left rates unchanged once again at today's meeting of the general council. The euro rallied on the news, rising 0.69 per cent against the pound to £0.84825, and up 0.44 per cent against the dollar, to $1.1288. The interest rates on the marginal lending facility and the deposit facility [...]
UK sets up new trade group with India to prepare for future deal following Brexit September 8, 2016 Britain has set up a new working group with India to help prepare for possible trade deals after Brexit has completed. The UK can't agree trade deals with other countries until it has formally exited the EU, a process that could take years. However, the government has said that won't stop it from preparing for the [...]
Nearly three per cent of UK workers have reported they are now on a zero-hours contract September 8, 2016 Almost three per cent of the UK's workforce has reported being employed on a zero-hours contract basis in their main job, according to new figures. Data released today by the Office for National Statistics (ONS) showed the number of people on zero-hours contracts, which do not guarantee staff a certain number of hours' work, rose by [...]
Why we’re backing Britain’s resilient and optimistic small businesses September 8, 2016 In the run up to June’s referendum vote, small and medium-sized enterprises (SMEs) became a focal point for both Leave and Remain camps, with each side claiming the support of small business owners for their different visions of Britain’s future. This focus on SMEs was unsurprising – these businesses are the nuts and bolts of British [...]