Economy NEWS

CFOs don’t expect recovery until next summer

Almost two-thirds (62%) of finance leaders in the UK believe that demand for their own businesses is unlikely to recover to pre-pandemic levels until after the second quarter of 2021. Despite the ongoing … Continue reading “CFOs don’t expect recovery until next summer”


UK unemployment hits three-year high

The unemployment rate in the UK has climbed to its highest level in over three years, according to the latest labour market figures from the Office for National Statistics (ONS). With the fallout … Continue reading “UK unemployment hits three-year high”


Almost 500,000 redundancies planned since start of pandemic

Employers in Britain were preparing to make 58,000 redundancies in August, taking the total to 498,000 for the first five months of the Covid-19 crisis. Figures released to the BBC in response to … Continue reading “Almost 500,000 redundancies planned since start of pandemic”


UK’s post-lockdown recovery ‘loses bounce’

The UK economy “lost some of its bounce” in September, with the initial rebound from Covid-19 lockdowns showing signs of fading, according to a new business survey. The IHS Markit/CIPS flash composite Purchasing … Continue reading “UK’s post-lockdown recovery ‘loses bounce’”


Scrapping tax-free shopping will harm UK economy, businesses warn

Travel and retail businesses have urged the UK Government to reverse the “short-sighted” decision to end VAT-free shopping for international visitors. The VAT Retail Export Scheme allows non-EU visitors to reclaim the VAT … Continue reading “Scrapping tax-free shopping will harm UK economy, businesses warn”


UK unemployment reaches highest level for two years

The economic fallout from the coronavirus pandemic is continuing to emerge in the UK, with new figures showing that unemployment has risen to its highest level for two years. In the three months … Continue reading “UK unemployment reaches highest level for two years”


Employers planning redundancies at twice the rate of last recession

Employers in Britain are making plans for redundancies at more than double the levels seen in the 2008/9 recession, new figures reveal. It comes after social distancing measures to prevent the spread of … Continue reading “Employers planning redundancies at twice the rate of last recession”


HMRC estimates 1 in 10 furlough claims may have been fraudulent or paid in error

Businesses may have wrongly claimed up to £3.5bn in furlough payments, HM Revenue and Customs believes. The UK Government has so far paid out £35.4bn through the Coronavirus Job Retention Scheme to help … Continue reading “HMRC estimates 1 in 10 furlough claims may have been fraudulent or paid in error”


UK manufacturing industry calls for furlough scheme to be extended

Manufacturers have urged the UK Government to extend its Covid-19 furlough scheme, warning that the country risks being left in the “slow lane” behind major competitors in recovering from the pandemic. Industry association … Continue reading “UK manufacturing industry calls for furlough scheme to be extended”


UK economy hit hardest by Covid-19

Among the world’s major economies, the UK suffered the biggest economic impact from Covid-19 in the second quarter of the year, according to a new report. Figures compiled by the Organisation for Economic … Continue reading “UK economy hit hardest by Covid-19”


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