Small business group warns over effects of wage hike October 1, 2019 The Federation of Small Businesses (FSB) has urged caution on chancellor Sajid Javid’s plans to significantly increase the national minimum wage, saying many of its members would prefer ten years to implement the rise rather than five. Michael Mealing, employment policy chief at the FSB, also warned that for low-pay areas such as care and [...]
WTO blames tariff wars as it slashes global trade forecast October 1, 2019 The World Trade Organization (WTO) has slashed its forecast for global trade this year to below half its previous estimate, pointing the finger at the US-China tariff war and also blaming Brexit. In a report into global trade, WTO economists today warned that “further rounds of tariffs and retaliation” in the trade war “could produce [...]
US factories suffer worst month since 2009 – and Trump blames the Fed October 1, 2019 The US manufacturing sector contracted at its fastest rate in a decade in September, according to a closely-watched survey, as trade wars and a global slowdown took their toll on factories. Read more: US manufacturing sector suffers worst month in seven years in April The September purchasing managers’ index (PMI) from the Institute for Supply [...]
Eurozone inflation hits three-year low in September October 1, 2019 Inflation in the Eurozone dropped to a three-year low in September due to cheaper energy, official figures showed today, as the European Central Bank (ECB) continues to struggle to hit its price-rise target. Read more: Eurozone manufacturing sector suffers worst month in seven years Yet with energy excluded, inflation edged slightly higher, although it was [...]
Business groups urge caution over chancellor’s minimum wage rise plan September 30, 2019 British business groups have urged caution over chancellor Sajid Javid’s pledge to markedly increase the minimum wage while welcoming his confirmation that he will boost spending on infrastructure. Read more: Sajid Javid to increase national living wage to £10.50 In his speech to the Conservative conference in Manchester, Javid announced an increase of the minimum [...]
UK first quarter growth revised upwards but picture remains stark September 30, 2019 The UK economy did better in the first quarter of the year than originally expected, official figures showed today, as stockpiling for the March Brexit date boosted growth. Read more: UK economy close to recession after stagnant service sector data Yet the Office for National Statistics (ONS) confirmed gloomy figures for the second quarter of [...]
IoD seeks to move on from scandal with new director general September 30, 2019 UK business leaders group the Institute of Directors (IoD) has announced Grant Thornton executive Jonathan Geldart will be its new director general. Read more: IoD’s next boss will receive barely half previous chief’s salary The IoD will hope Geldart’s appointment will bring to a close a tumultuous period for the 116-year-old organisation. In January, director [...]
UK consumer credit growth slows to five-year low September 30, 2019 British customers increased their borrowing at the slowest rate since 2014 in August, official statistics showed today, in a sign that Brexit uncertainty is weighing on consumer confidence. Read more: Pound staggers as Bank of England hints at interest rate cut The annual growth rate of lending to British consumers continued to slow in August, [...]
Activist investors circling Metro Bank September 29, 2019 Activist investors are eyeing up Metro Bank after a failed bond offering and contemplating taking a stake or buying up parts of the business that could be profitable. Read more: Metro Bank shares plummet to record low after scrapping of bond issue US raider Elliott Advisors is one of a group of investors circling the [...]
Royal Mail launches search for new UK director September 29, 2019 Royal Mail has launched a search for a director to run its UK operations at a tough time for the former state-owned post monopoly. Read more: Over 100,000 Royal Mail workers to vote on strike action Royal Mail’s shares have dropped over 45 per cent in value over the last year as it struggles with [...]
