Ollie Phillips: I’m predicting a British and Irish Lions victory in the first Test – and the series – in South Africa July 23, 2021 I’m really intrigued by the upcoming British and Irish Lions Test series with South Africa, which starts this weekend. The Springboks are the world champions but have barely played together in the last 18 months because of Covid-19’s impact on sport. They are not totally wet behind the ears, of course, but any lack of [...]
UK consumer confidence jumps on stronger than expected economic rebound July 23, 2021 UK consumer confidence rose for the sixth month in a row in July driven by the economy recovering much faster than initially expected. GfK’s latest consumer confidence index edged up two points to minus seven this month, marking the strong improvement in households’ outlook since the initial Covid unlocking in April of this year. The [...]
ECB holds rates at record low to fuel inflation July 22, 2021 The European Central Bank has kept interest rates at a record low in a bid to stimulate higher price growth to help it reach its two per cent inflation target. The central bank of the 19 nations that share the euro said it intends to keep rates at historic lows for longer than first estimated. [...]
Lex Greensill was given ‘extraordinarily privileged’ access to government, finds report July 22, 2021 A Boris Johnson-sanctioned probe into the lobbying efforts of Greensill Capital has found its owner was given “extraordinarily privileged” access to the highest reaches of government. The report also critiqued the government’s handling of the UK’s lobbying system, which it said gives access to a “privileged few” like former Prime Minister and Greensill Capital adviser [...]
BoE deputy governor moves to quash inflation fears July 22, 2021 The deputy governor of monetary policy at the Bank of England moved to temper fears that the UK economy is facing a period of persistently higher inflation today. In a speech, Ben Broadbent said that he was “not convinced that the current inflation in retail goods prices should in and of itself mean higher inflation [...]
Spending watchdog chief calls for fiscal policy to be more nimble July 21, 2021 The head of the government’s spending watchdog has called for fiscal policy to be more “nimble”. Richard Hughes, chairman of the Office for Budget Responsibility, told the Treasury select committee today that policy “needs to be more alive to factors that might drive interest rates higher.” Read more: Covid: Government borrowing falls in June Hughes [...]
NatWest chairman warns City will never return to pre-Covid state July 21, 2021 The chairman of one of the UK’s largest banks and former director of the London School of Economics has warned that the City will never return to its pre-Covid state. Sir Howard Davies, chairman of NatWest, said the days of thousands of workers flowing into the City for 8am – 6pm working days “are gone” [...]
Bank of England Andrew Bailey concedes shortcomings in diversity July 21, 2021 Governor Andrew Bailey has promised to do more to address systemic racial inequality after a review found “material disparities” persist at the Bank of England. Staff from ethnic minority backgrounds were less likely to be promoted, received smaller bonuses and were afforded fewer opportunities for career development and progression than their white colleagues, according to the [...]
Covid: Government borrowing falls in June July 21, 2021 Government borrowing fell over the last month as the UK economy rapidly rebounds from the damage inflicted on it by Covid, new figures released today show. The government borrowed £22.8bn last month, the second-highest figure for June since records began, according to the Office for National Statistics. However, borrowing eased from May, down from £24.3bn [...]
Haldane: Covid vaccine programme a model for successful innovation policy July 21, 2021 The former chief economist at the Bank of England has praised the UK’s Covid vaccination programme for being a model of successful innovation policy. In a foreword to a policy paper published by think tank Policy Exchange, Andy Haldane said the vaccine initiative “involved a clear mission, project management by Government… all underpinned by large-scale [...]