Economy News

How long does an international bank transfer take?

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Whether you're an expat, international student, or business owner, we know how important it is for international payments to arrive promptly. Sending money overseas is less complicated than it may initially seem however, there are a few factors that determine the processing times of your transfers.
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How to Become a Digital Nomad and Find a Remote Job

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The post-COVID work-from-anywhere culture is opening up huge opportunities for living abroad while working remotely, with some places even paying remote workers to move there. So, could being a digital nomad work for you? We look at how to find a job and make working remotely in another country or location work for you. 
Supply chains are under pressure due to the 'pingdemic'

UK government borrowing falls as economy reopens

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UK government borrowing fell year-on-year during June 2021 by GBP 5.5 billion following the reopening of the UK economy. UK borrowing levels hit record highs during the pandemic, with billions spent on support measures such as the furlough scheme. The rise in borrowing has pushed UK government debt to over GBP 2.2 trillion, equating to 99.7% gross domestic product (GDP)
Northern Ireland protocol

EU leaders should admit NI Protocol has failed

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Post-Brexit tensions are rising, with the EU accused of creating sustained disruption over Northern Ireland protocol. DUP leader Sir Jeffrey Donaldson has urged the EU to admit that NI Protocol has failed, noting that the bloc’s policy has had a damaging effect on Britain’s economy and the relationship between the devolved nations...
Riski Sunak Budget

Rishi Sunak could delay the Autumn budget to next year

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UK Chancellor Rishi Sunak is considering delaying the Autumn 2021 budget to next year to allow him to assess further the economic impact of the UK government's business support schemes. The potential delay follows news that many Conservative MPs are anxious that the end of the furlough scheme could impact the UK's economic recovery from COVID-19.
June UK payroll figures sees record surge

UK payroll figures sees record surge in June 2021

New data reveals that UK payrolls jumped to the highest level since the start of the coronavirus pandemic during June 2021, rising by 356,000. The substantial jobs growth for the UK can be attributed to the rapid economic recovery due to the lifting of coronavirus lockdown restrictions. The UK's economic reopening has also led to considerable wage growth in the three months to May 2021, rising by 7.3%.
UK inflation increased to 2.5% in the 12 months to June 2021

UK inflation rises to 2.5% in June 2021

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New data reveals that UK inflation increased to 2.5% in the 12 months to June 2021, surpassing the Bank of England's (BoE) 2% target rate for a second consecutive month. The US has also experienced a surge in inflation, rising to a 13-year high of 5.4% during the same period. However, central Banks have labelled the rise as transitory and believe inflation rates will return to normal levels in 2022.
UK retails sales post record growth

UK’s post-Brexit economy surging ahead of Freedom Day

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A recent survey of Chief Financial Officers (CFOs) has revealed a shift in business focus, with companies focusing more on investment and growth instead of cost reduction measures. Although risks to the UK economy remain, most CFOs foresee solid growth thanks to COVID vaccine progress. However, inflationary pressures and concerns over easing lockdown restrictions prematurely are weighing on GBP...
Creative Economy

What is the creative economy

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The creative economy describes various activities based on creative imagination, covering various creative industries, from performing arts to architecture. Providing jobs to millions of people worldwide, Deloitte says the creative economy is likely to be a key driver of economic growth as countries re-emerge from the coronavirus pandemic.
IR35 tax changes

Global corporate tax reform plans backed by G20 nations

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US President Joe Biden’s international tax reform received the backing of the G20 nations after being approved by G7 countries last month. The historical agreement will see some of the world’s largest tech firms, including Apple, Amazon and Google endorse a minimum global tax rate of 15% on their profits.
UK Economy Will be Subject to Enormous Strains Says Sunak

UK bounces back from double-dip recession fears

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The fears of a double dip recession in the UK appear to be far behind us, with the UK economy growing at a more rapid pace than initially anticipated. The Bank of England (BoE) revised their predictions for UK GDP by 1.5% during June’s monetary policy meeting compared to the previous month. Meanwhile BoE chief economist Andy Haldane says UK inflation could rise to 4% by the end of 2021.
Boost for UK Financial Sector

City of London to secure exemption from new global tax rules

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UK Chancellor Rishi Sunak’s pitch to exclude the City of London from new global corporate tax rules has been approved. 130 countries agreed to a new minimum global corporate tax rate of 15%. Whilst many highlighted that the new rule is a step in the right direction, some have argued that Mr Sunak should have pushed for 21% to help raise further funds for the NHS…
Massive shift to online in US economy

Consumer spending trends brought about by COVID-19

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Consumer spending is booming now that countries are emerging from the COVID pandemic and coronavirus vaccination campaigns are in full swing. The Bank of America notes that consumer spending is up 20% on pre-pandemic levels. So, how are people spending their money and will this continue once stimulus money from central banks dries up?
Climate change is becoming a top priority for banks

Climate change is becoming a top priority for banks

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A risk management report conducted by EY and IIF highlights how most banks worldwide now view climate change as a primary concern. Although the majority of banks endured the worst of the coronavirus pandemic, many are continuing to build their resilience to reduce the impact on ongoing financial difficulties posed by COVID-19.
Coronavirus costs for hospitality businesses

Could COVID-19 restriction delays dent UK economic progress?

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Whilst the UK economy experienced rapid growth during May, there are concerns that UK Prime Minister Boris Johnson's decision to delay the full lifting of coronavirus restrictions could place thousands of UK firms at risk. New data indicates that there are significant staff shortages in the UK, adding further pressure to businesses within the hospitality and travel sector.
Federal Reserve Building

Federal Reserve could hike interest rates sooner than expected

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During yesterday's monetary policy meeting, the Federal Reserve revealed that US interest rates are likely to be hiked sooner than anticipated following the 5% rise in inflation during May 2021. The Fed initially declared that interest rates would not be touched until 2024, though now looks to be by the end of 2023…
UK Inflation hit 2.1% in May

UK Inflation hit 2.1% in May

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The Office for National Statistics today revealed that UK inflation rose to 2.1%, primarily driven by increased fuel and clothes prices. The UK's rise in inflation has surpassed the Bank of England's target rate of 2%, though it's thought that the increase will be temporary and return to normal levels in 2022.
boris-johnson

Joe Biden and Boris Johnson Formally Agree a New Atlantic Charter

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US President Joe Biden and UK Prime Minister Boris Johnson engaged in productive discussions yesterday, signing a new Atlantic charter. The two leaders discussed various issues, from climate change to quarantine-free travel between the UK and US and claimed their alliance had been strengthened. Meanwhile, the G7 countries prepare for today's summit in Cornwall.