UK employers warn of mass job losses in digital revolution June 24, 2019 New technology and automation mean as many as 40 per cent of jobs are expected to change significantly or become redundant in the next five years, the Open University (OU) has said. Read more: Former City minister calls for action on skills shortages Nearly 90 per cent of organisations admit their staff lack digital skills, [...]
UK car industry sees worst month for six years in May, Natwest says June 24, 2019 The UK’s car industry suffered its worst month for business conditions in six-and-a-half years in May, according to a new survey by Natwest, as Brexit and a global slowdown continued to hurt the sector. Read more: Pound falls as UK economy shrinks 0.4 per cent in April British car makers last month saw the steepest [...]
No-deal Brexit could dent UK’s technology-driven growth, says KPMG June 24, 2019 If Britain leaves the European Union with a deal then new technologies will help UK trade more than triple to over £4 trillion by 2050, professional services firm KPMG said today. Read more: Mark Carney warns 150,000 firms not ready for no-deal Brexit Yet should the UK crash out with no deal, the total of [...]
MPs warn against UK neglecting ties with India in favour of China June 24, 2019 The UK is failing to build an economic and security relationship with India as it grows in wealth and influence, the Foreign Affairs Committee (FAC) has today warned. Read more: New UK-India tech hub to be opened in confidence boost for the City In a new report the FAC cautioned that Britain’s focus on building [...]
Bitcoin surges past $11,000 for first time since 2018 June 23, 2019 Bitcoin jumped past the $11,000 (£8,640) barrier over the weekend for the first time since January 2018. The cryptocurrency passed $10,000 on Saturday for the time since March 2018 before surging to a high of $11,121, according to data from Coindesk. Late last night it was trading just above $11,000. Last night’s price puts the [...]
Trump says he could demote US Fed chair Powell but has not threatened to do so June 23, 2019 US President Donald Trump said he has the power to demote US Federal Reserve chair Jerome Powell, but has not threatened to do so. “I didn’t ever threaten to demote him,” Trump said in an NBC interview broadcast yesterday. “I’d be able to do that if I wanted to, but I haven’t suggested that.” Trump [...]
Global stock markets on track for best first half in 20 years June 23, 2019 Global stock markets are on track for their best first-half performance in over 20 years, with US shares hitting record highs last week. Read more: Global stock markets jump as Trump announces Xi Jinping meeting The stock market expansion comes thanks to central banks around the world signalling they will cut interest rates or launch [...]
Bitcoin bursts through $10,000 mark as strong run continues June 22, 2019 Bitcoin has jumped above $10,000 (£7,853) for the first time in roughly 15 months, as its recent run of strong form shows no signs of slowing. The cryptocurrency broke through the mark in the early hours of this morning and is now trading at roughly $10,900, according to figures from Bitstamp. Read more: Bitcoin hits [...]
UK budget deficit grows as Hammond approaches exit June 21, 2019 Britain’s deficit widened more than expected last month as government spending rose. Public borrowing rose by £1bn to £5.1bn last month compared to May 2018, which remains the lowest May month of borrowing since 2002. Read more: City MP faces calls to resign after grabbing protester by neck Meanwhile the deficit has reached £11.9bn for [...]
Mark Carney: 150,000 firms not ready for no-deal Brexit June 21, 2019 Roughly 150,000 UK businesses are not ready to keep exporting to the EU in the event of a no-deal Brexit, Mark Carney has said. The Bank of England governor said the companies still did not have the necessary paperwork and while many had built up contingency stocks, these would only last “weeks”. Read more: BoE’s [...]