Johnson to defy Tory MPs and launch £10bn-a-year tax hike to fund social care and NHS September 7, 2021 Prime minister Boris Johnson will defy a revolt among Tory MPs and scathing criticism and plough on with a hike to national insurance to generate more than £10bn a year to tackle the swelling backlog of NHS work and fix the UK’s ailing social care system. Johnson will today announce an at least one percentage [...]
China exports soar faster than expected in August September 7, 2021 China’s exports soared at a faster pace than expected in August, driven by a resurgence in global demand for goods from the world’s second largest economy, according to new figures released today. Shipments from the globe’s biggest exporter jumped 25.6 per cent annually in August, gathering momentum from July’s 19.3 per cent gain. Analysts polled [...]
Staycations and Brits socialising propel consumer spending above pre-Covid levels September 7, 2021 Surging demand for staycation holidays amid ongoing travel restrictions, supported by strong appetite among Brits to socialise during the summer months, pushed consumer spending well-above pre-Covid levels last month. Data from Barclaycard shows card spending was 15.4 per cent above the same month in 2019, before the onset of the Covid crisis. The sharp rise [...]
IoD: Hiking national insurance to pay for social care is illogical September 6, 2021 The Institute of Directors has criticised the government’s reported decision to hike national insurance to pay for social care and clearing the backlog of NHS work. The influential organisation that represents UK business leaders said using national insurance to fund social care is illogical as the levy is intended to provide a safety net for [...]
FCA chair urges investors not to take cryptocurrency advice from Kim Kardashian September 6, 2021 The chair of the City watchdog has warned investors not to take cryptocurrency advice from Kim Kardashian and other social media influencers. Charles Randell warned social media influencers, who are paid to promote cryptocurrency tokens to their followers, do not need to disclose important details of potential crypto investments and could be advertising scams. “Social [...]
Scottish independence would be ten times worse than Brexit, warns Sturgeon economic sage September 6, 2021 An influential economic adviser to Scotland’s first minister Nicola Sturgeon has warned the damage inflicted on the country by independence could be “Brexit times ten”. Mark Blyth, professor of international economics at the Watson Institute of Brown University in Rhode Island, and a member of Sturgeon’s council of economic advisers, said in an interview with [...]
Supply chain snarl ups pull UK construction growth down to six-month low September 6, 2021 The UK construction industry grew at the slowest pace for six months, driven by supply chain snarl ups leaving builders unable to progress work, according to a closely watched survey released today. The latest IHS Markit / CIPS UK construction purchasing managers’ index slid to 55.2 in August, down from 58.7 in July. However, the [...]
CBI chief calls for government to act urgently to clear worker shortages September 6, 2021 The chief of the Confederation of British Industry has urged the government to take drastic action to help clear severe worker shortages that have put the British economy in a vice. Tony Danker, director general at the CBI, urged the government to put HGV drivers on a list that exempts them from stricter post-Brexit immigration [...]
Receding tapering fears propel FTSE 100 to three-week high September 6, 2021 Waning fears over central banks in developed economies scaling back monetary stimulus measures helped to propel London’s FTSE 100 to its highest level for three weeks today. The capital’s premier-index gained 0.71 per cent to hit 7,189.00 points heading into the final hour of trading. The blue-chip index was led higher by advertisers and broadcasters [...]
Dax operator announces raft of additions as German blue-chip index braces for expansion September 4, 2021 The operator of the index of leading German companies has announced a raft of new additions as the blue-chip index braces for its biggest ever shakeup. Carmaker Porsche and sportswear brand Puma are among the beneficiaries of the Dax expanding from 30 to 40 companies in just two weeks’ time. The expansion of the Dax [...]