Liz Truss is considering cutting Britain’s VAT sales tax by up to 5 percentage points across the board, the Telegraph has reported, a move that may fend off criticism that she has no plan to tackle the country’s cost-of-living crisis . The potential drop to 15%, flagged in a newspaper that has strongly backed its […]
Tag: United Kingdom
UK: Manufacturing PMI falls sharply in August
The index manufacturing PMI of S&P Global for the United Kingdom has suffered a Sharp pullback in August’s preliminary reading, plummeting to 46 from 52.1 points in July. The result significantly worsens the expected 51.3 and stands as the lowest recorded in the last 27 months. The Services PMI has dropped one tenth, going from […]
UK: Retail Sales Fall 3.4% YoY in July; GBP/USD under pressure
UK retail sales fell 3.4% in its annual reading for July, worsening forecasts for a 3.3% decline. In addition, the result for June was revised downwards, going from -5.8% to -6.1%. This is the fourth consecutive month of falls for the indicator. On a monthly basis, retail sales rose 0.3%up from -0.2% previously expected, showing […]
The ports of Liverpool and Felixstowe are on strike
By Anastasia Vamvaka Hundreds of dock workers at the Port of Liverpool, one of the UK’s largest container ports, are to strike over pay and working conditions. It is the second UK port to go on strike as supply chain problems remain. “The strikes, the dates of which have not yet been set, will bring […]
UK: Annual CPI rises to 10.1% in July, its highest level since 1982
The UK Consumer Price Index (CPI) rose 10.1% in July annual reading, exceeding the 9.8% expected and the 9.4% in June, according to the National Statistics Office (ONS). This is the highest rate of inflation seen in 40 years, specifically since 1982. The monthly inflation grew by 0.6%two tenths above the estimated 0.4%, but below […]
UK: Jobless claims fall less than expected in July, ILO jobless rate remains at 3.8%
The Unemployment claims in the United Kingdom fell by 10,533 during the month of July, disappointing the expectations of the market, which expected a decrease of 32,000. In June, the indicator showed a drop of 20,000. This is the 17th consecutive month that the number of jobless applicants has decreased, but the one published today […]
Bloomberg: Conservatives fear UK fallout with Johnson absent, rivals at loggerheads
Boris Johnson’s replacement was aimed at letting the UK’s ruling Conservatives move on from the chaos and distractions that are distracting voters, Bloomberg comments. Instead, a long leadership battle has exposed deep divisions in the ruling party and reinforced a sense of inertia at the heart of the government. Senior Conservatives warn that the combination […]
UK: Tras says no to Scottish referendum
Foreign Secretary Liz Truss has said there won’t be another Scottish independence referendum in her day if she wins the Conservative Party leadership battle to become the next UK prime minister, according to Bloomberg. The Scottish National Party is pushing for a new referendum after losing the 2014 vote, citing the UK’s 2016 vote to […]
Sunak 180 degree turn with tax breaks?
The Conservative candidate, who is trailing in the polls among party members, has promised to abolish VAT on electricity bills. The UK is not at its best. Historically high inflation, ever-increasing cost of living, train strikes that are becoming a habit and even getting off to the summer holidays is a tricky business with airports […]
United Kingdom: Inflation hits new 40-year high in June
UK inflation hit a new 40-year high in June as energy and food prices continued to soar, escalating the country’s historic cost of living crisis. The consumer price index came in at 9.4% on an annual basis, according to estimates, slightly higher than Reuters estimates and up from 9.1% in May. The bigger-than-estimated rise means […]