Oil prices plummet after Opec+ end deadlock July 19, 2021 Oil prices plummeted on Monday after Opec+ broke through a deadlock to reach an agreement on oil production. Brent Crude and WTI Crude both fell sharply on the news, down 2.41 per cent at and 2.55 per cent respectively. Opec+ agreed to increase oil production by 400,000 barrels a day on Sunday. As part of [...]
UK companies issue lowest number of profit warnings in over two decades July 19, 2021 British listed companies issued the fewest number of profit warnings in over two decades in the second quarter of this year, according to new figures released today. Research by EY shows UK listed businesses issued 32 profit warnings in the second quarter of 2021, the lowest quarterly total the firm has recorded. The low levels [...]
House prices surge 5.7 per cent to reach another record high July 19, 2021 Property prices have reached another record high, highlighting that demand in the housing market is still running hot, new figures released today reveal. The average price of a property coming to market jumped 5.7 per cent annually to £338,447 in July, according to property search site Rightmove. Prices rose 0.7 per cent over the last [...]
Surging inflation to add £10bn to government’s debt burden July 19, 2021 Surging inflation is likely to add £10bn to the government’s debt burden, putting further pressure on the UK’s public finances. Around a quarter of the government’s stock of debt is linked to the retail price index, meaning the Treasury needs to increase interest payments to savers if prices rise. Read more: UK inflation hits 2.5 [...]
Opec+ reach deal to ramp up oil production July 19, 2021 The alliance of oil producing countries have reached an agreement to ramp up oil supply. Opec+ will increase oil production by 400,000 barrels a day in a move expected to dampen soaring oil prices. As part of the deal, the group will reverse an existing cut of 5.8m barrels per day by September next year. [...]
Weekend Read: Job market tension threatens to derail Britain’s economic recovery July 17, 2021 The UK labour market is roaring back to life. After months of being shuttered due to Covid, businesses are finally welcoming customers back through their doors – and ramping up hiring to cope with soaring demand. Companies added 356,000 workers to payrolls over the last month. Total weekly hours worked has reached its highest level [...]
Pingdemic: Plans to overhaul Covid app mothballed July 16, 2021 The government has shelved plans to overhaul the NHS Covid-19 app amid a surge in cases. A senior government source revealed on Friday that Health Secretary Sajid Javid had explored options for tweaking the app, but has decided against making any changes for now, although the options remain on the table. Read more: ONS update: [...]
US stocks fall despite upbeat retail sales in June July 16, 2021 An unexpected rebound in retail sales was not enough to prevent falls among US stocks on Friday. The blue-chip S&P 500 dropped 0.22 per cent, while the tech-heavy Nasdaq fell 0.22 per cent. The Dow Jones lost 0.23 per cent during morning trading. The losses came as the US Labour Department released figures showing retail [...]
US retail sales smash expectations to surge above pre-pandemic levels July 16, 2021 Retail sales in the US surged unexpectedly last month, providing further evidence that the American economy is roaring back to life after Covid. Sales were 18 per cent higher annually in June and are now above pre-pandemic levels, primarily driven by a sharp uptick in spending in the hospitality industry. Read more: US inflation surges [...]
Sunak eyes budget delay to next year July 16, 2021 Chancellor Rishi Sunak could delay the budget until next year to allow him to assess more timely data on the economic impact of ending business support schemes. The news was first reported by The Guardian, which said officials have reportedly told Sunak waiting until the end of spring 2022 may provide him with more time [...]