With thousands of companies forced to close temporarily to limit the spread of the virus, Britain’s dominant services sector – which makes up about 80% of the economy – grew by just 0.9% on the month, dragged down by falling levels of activity in arts, entertainment and recreation, as well as at estate agents and IT firms. … [Read more...] about Britain’s economy returns to growth more slowly than expected
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'There has been a lot of somewhat idle chat about the prospect of inflating our debt away, that we don't have to worry about elevated levels of debt because we can pull the same trick as in the 1950s and 60s of using inflation to erode the real value of our debt,' he said. … [Read more...] about Unemployment could hit 4MILLION by 2021, GDP will take FIVE YEARS to recover and Britain faces biggest peacetime deficit EVER: OBR’s dire predictions as it warns Brits face years of tax rises and spending cuts
With much of the high street closed since late March, online sales have picked up some of the decline in demand. According to the BRC and KPMG, internet sales of non-food items rose by 48.2% in June – a dramatic leap from 3.3% growth in the same month a year ago. … [Read more...] about UK retail sales in June show signs of recovery after covid lockdown
The so-called Rishi’s Dishes – a scheme for people to eat out during the month of August, costing £500m – is only the most peculiar giveaway in a host of stimulus measures, some of which could have been lifted wholly out of Labour’s 2019 manifesto. The homeowner’s grant to retrofit houses and thereby lower emissions is a great use of money; less so the massive VAT cut, from 20% to 5%, designed to stimulate leisure activity that people are still quite scared to undertake (where was the nudge unit when this was devised? Even a rudimentary understanding of human behaviour should tell you that, when a person thinks the risk from a theme park visit is too high, a sales tax cut won’t make a difference). … [Read more...] about If the Tories have ‘economic credibility’, what on earth does it mean?
Federal Judge Ariel Lijo said last week that Boudou, who was economy minister at the time, helped to illegally lift bankruptcy proceedings by Argentina's AFIP tax bureau against Ciccone in return for 70% ownership of the firm, which had lucrative government contracts for printing pesos, being handed over to his business associates. The objective was to get hold of Ciccone's lucrative government contracts for printing pesos, the judge stated in his summons for Boudou to testify. Boudou denies any wrongdoing. The Ciccone scandal, about which Fernández has made no public comment on the scandal, is adding to pressure on her administration during the final year of the president's second term in office. … [Read more...] about Argentinian vice-president Amado Boudou to testify in corruption case