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UK economy

Sterling recovers as shops in England reopen

Sterling recovers as shops in England reopen

  • The pound was at 86.68 pence per euro, up 0.2% on the day but still weaker than when it hit a one-year high of 84.720 this time last week.
  • Against the dollar, the pound was up around 0.3% at $1.3746 .
Published 12 Apr, 2021 08:40pm
UK shopper numbers rise for seventh week out of eight
World

UK shopper numbers rise for seventh week out of eight

  • Shopper numbers, or footfall, climbed 5.7% on UK high streets, was up 6.9% at retail parks, and up 9.8% at shopping centres.
  • The steady increase in visits to high streets and shopping centres delivers further evidence of the degree of pent up demand amongst consumers to return to stores.
Published 15 Mar, 2021 05:50pm
UK's Sunak says he does not favour a debt-to-GDP target
World

UK's Sunak says he does not favour a debt-to-GDP target

  • "It's probably right to think more about trajectories of debt levels, building resilience for future shocks and the affordability of that debt," Sunak told parliament's Treasury Committee.
  • Sunak's budget plan included no new budget rules which previous governments have set to show investors how they plan to bring down debt.
Updated 11 Mar, 2021 10:04pm
Moody's sees no fast improvement to UK budget position
World

Moody's sees no fast improvement to UK budget position

  • "As expected at this stage of the crisis, the budget statement provides only limited visibility on the government's medium-term fiscal strategy," Moody's lead sovereign analyst for the UK, Evan Wohlmann, said.
  • "That said, the statement confirms our view that the broad deterioration in the UK's fiscal position stemming from the pandemic will not be rapidly reversed," he added.
Published 03 Mar, 2021 07:38pm
Tax hikes blur UK's Sunak ‘whatever it takes’ budget
World

Tax hikes blur UK's Sunak ‘whatever it takes’ budget

  • The corporate tax increase in 2023 will derail some of those expectations. The UK economy is expected to have explosive growth in 2022, but then quickly return to trend in 2023 at 1.7%, which is when the economy will face higher taxes."
  • "The positive impact the spending pledges has on growth has been somewhat offset by concerns of fiscal consolidation later down the line.
Published 03 Mar, 2021 07:34pm
Britain to take much bigger GDP hit from Brexit than the EU
World

Britain to take much bigger GDP hit from Brexit than the EU

  • Britain left the EU at the end of January last year, but kept its full access to the 27-nation bloc's single market until the end of 2020, when it was replaced by a trade agreement.
  • For the EU on average, the exit of the UK from the European Union on Free Trade Agreement terms is estimated to generate an output loss of around 0.5% of GDP by the end of 2022, and some 2.25% point for the UK.
Updated 11 Feb, 2021 09:27pm
What's in the UK, EU post-Brexit trade pact
World

What's in the UK, EU post-Brexit trade pact

  • Brussels says "security cooperation can be suspended in case of violations by the UK of its commitment for continued adherence to the European Convention of Human Rights".
Published 31 Dec, 2020 08:57am
UK economy to slump over 10pc, debts to surge: Moody's
World

UK economy to slump over 10pc, debts to surge: Moody's

  • Moody's said the UK government's latest 30 billion pound ($37.9 billion) stimulus package, announced this week.
  • "The UK's public debt ratio will likely rise by 24 percentage points of GDP or more relative to 2019 levels,"
Published 10 Jul, 2020 08:07pm