UK economy: Footfall at highest level since March but job postings fall August 20, 2020 The number of Britons venturing out to shops and restaurants rose to its highest level since March, with footfall running at two-thirds of the level seen a year ago, new figures have shown. However, the Office for National Statistics’ (ONS) said one in ten UK businesses reported they were at “moderate” risk of insolvency, indicating [...]
Poll: Britain’s economy won’t recover for at least two years August 20, 2020 Britain’s economy will not fully recover from its current historic downturn for at least two years, a Reuters poll of economists found, but there is only a slim chance the Bank of England will use negative interest rates to boost the upswing. Britain has suffered the highest death toll from the novel coronavirus in Europe, [...]
We need more competition in business finance — and Open Banking can help August 20, 2020 SME banking has been a persistent problem. In 2016, the government set out to challenge the oligopoly of high street banks. A sizable alternative lending sector was created, accounting for up to 30 per cent of SME lending pre-coronavirus, and challengers have managed to capture over 20 per cent of business current accounts. Many have [...]
Pound slips after touching highest level since start of year August 19, 2020 The pound slipped back after touching its highest level against the dollar since the start of January, as traders weighed up Brexit negotiations and rising inflation. Sterling hit $1.327 today, erasing its losses for 2020 as it reached its highest level since 1 January. It was helped by the continuing slide in the dollar, which [...]
HSBC warns UK economy to shrink 10.3 per cent in 2020 August 19, 2020 The UK’s biggest bank HSBC has sharply downgraded its forecast for the UK economy, predicting it to shrink by 10.3 per cent this year and only grow six per cent in 2021. The latest figures are markedly more pessimistic than its previous prediction of a 7.8 per cent contraction in 2020 followed by growth of [...]
UK rail fares set to increase by 1.6 per cent in January despite pandemic August 19, 2020 UK rail fares are set to increase by 1.6 per cent in January, adding more than £100 to many annual season tickets to London, after an unexpected rise in a controversial measure of inflation. Official figures published today showed that retail price index (PRI) inflation rose by 1.6 per cent in July year on year. [...]
UK inflation unexpectedly rises on oil prices and clothes shopping August 19, 2020 UK inflation jumped unexpectedly to one per cent in July from 0.6 per cent in June amid a surge in global energy prices and increased retail activity, the Office for National Statistics (ONS) has said. The consumer price index inflation reading was the highest since March and markedly higher than the 0.6 per cent analysts [...]
What role will cash play in the post-Covid recession? August 19, 2020 With the UK plunging into what the chancellor has called an “unprecedented” recession, what can we learn from the downturn in 2008 about the role of cash and its importance to people and businesses under economic pressure? Cash underpinned the economy and consumer spending habits after the 2008 recession. Will 2020 be significantly different? I’d [...]
History tells us now is a good time to go to university August 18, 2020 The Covid-19 pandemic has had a dramatic impact in a very short amount of time on people’s lives — worry and uncertainty continues as cases rise and fall at differing levels across the globe. And while the UK grapples with the consequences of an economic recession, people who received their A-level results last week are [...]
JPMorgan appoints former Chancellor Sajid Javid to advisory role August 17, 2020 JPMorgan has hired former Chancellor Sajid Javid as a senior adviser, the bank announced on Monday. Javid will take up a role on the Wall Street giant’s advisory council for Europe, the Middle East and Africa (EMEA). It’s a move that sees him resume his career in investment banking. He quit his role at the [...]