The recovery is in full swing: UK set for best growth since Second World War May 6, 2021 The economy will grow this year at its fastest pace since the Second World War as Britain stages a vaccine-fuelled recovery. Gross domestic product will rebound by 7.25 per cent in 2021, up from its previous prediction of 5 per cent and the best year of growth since 1941, according to the Bank of England [...]
US jobless claims fall to 13-month lows as reopening continues apace May 6, 2021 The fewest Americans applied for unemployment benefits as have done so in 13 months last week, new data from the US Labor Department shows. Initial claims fell from 590,000 to 498,000 in the week ending 1 May, the figures show, below economists’ forecasts. The number was one of several pieces of economic data that suggested [...]
FTSE 100 rises slightly after Bank of England decision May 6, 2021 The FTSE 100 rose slightly this afternoon after the Bank of England monetary policy committee decided to hold interest rates at 0.1 per cent. Across the Atlantic, trading was also stagnant, with Wall Street’s main markets flat at the open. By the early afternoon, London’s premier index was up 0.1 per cent down at 7,047.31, [...]
Bank of England leaves monetary policy unchanged but slows bond-buying May 6, 2021 The Bank of England’s Monetary Policy Committee has left its stimulus programme unchanged as it expects a faster economic recovery than previously anticipated. As expected the committee unanimously voted to keep interest rates at 0.1 per cent and by a majority to keep the size of its bond-buying programme unchanged at £895m. The central bank [...]
UK PMIs: Service sector grew at fastest rate since 2013 in April May 6, 2021 The UK service sector grew at the fastest rate since 2013 in April as the economic recovery from the Covid-19 pandemic continues apace. The UK Composite Purchasing Managers’ Index (PMI) for services rose to 61 in April, up from 56.3 in March. Any score above 50 indicates growth. It beat flash estimates of a reading [...]
Bank of England meeting: What to expect later today May 6, 2021 With more than 50m doses of the Covid vaccine administered and positive signs of economic recovery, all eyes will be on the Bank of England later today. While restrictions were reintroduced in the first quarter the hit to GDP seems to have been less than originally expected, and there are encouraging signs in the second [...]
To taper or not to taper, that is today’s question for the Bank of England May 6, 2021 The two most important days of the week are here; tomorrow, we have the US NFP data, and today, we have the monetary policy decision by the Bank of England. No firework is really expected at this event as it is widely believed that the BOE will leave the interest rate as it is, commented [...]
Britain is sitting on a mountain of debt – but there is a way to climb down May 5, 2021 The UK’s public finances – a source of perennial debate amongst politicians, think tanks, economists and investors – are in focus like never before. Covid-19 has ushered in a period of unprecedented public spending, funded in the main by large amounts of debt. Government borrowing – money it needs to borrow to pay for spending [...]
Red faces full of port wine: how to drink England’s favourite wine May 4, 2021 What’s the first thing you think of when you read the word “port”? I suspect for many of you it will evoke a very distinct stereotype, and not all of that will be positive. Some of you, I’ll wager, thought “gout”. Most of the images that came to mind will have been of well-off, well-upholstered [...]
Mortgage lending rose to record £11.8bn in March after stamp duty extension May 4, 2021 UK mortgage lending saw the biggest net increase on record in March driven by extension of the stamp duty rax relief. Mortgage borrowing rose by a net £11.8bn in March, the strongest since the series began in April 1993, Bank of England figures show. The stamp duty holiday was originally due to end in March, [...]