Economic trends

Insight / Millions missing out on Help to Save scheme

Although more than 132,000 people have signed up to the state-backed savings account, government admits around 3.5m could benefit from the Help to Save scheme

Insight / ONS identifies error in RPI calculation

The Office for National Statistics (ONS) has admitted finding an error in the way the Retail Prices Index (RPI) calculation was processed in 2019, casting further doubt on the validity of the measure used to calculate payments on billions of pounds’ worth of inflation-linked government bonds

Insight / Company insolvencies hit five-year high

The total number of insolvencies in England and Wales has risen 12% on the same period last year and are at their highest level for five years, according to the Insolvency Service

Insight / CBI urges government to engage with business over no-deal Brexit

The CBI says the government is failing to communicate with business over the likely negative consequences of a no-deal Brexit

Insight / G7 finance ministers flag cryptocurrency risk

The meeting of G7 finance ministers has warned of the risk of cryptocurrencies destabilising the global economy and undermining fiat currencies

Tax / Accountants and law firms pay £19.1bn in taxes

The UK’s accountancy and legal firms paid £19.1bn in taxes in 2018, a 6.8% rise in their total tax contribution compared to two years ago, according to a report from TheCityUK

Insight / OBR warns of breakdown in fiscal discipline, recession risk

The Office for Budget Responsibility (OBR) has warned that a no-deal Brexit could see public borrowing doubling to some £60m next year, with the risk of recession increasing sharply

Insight / Computing genius Alan Turing new face of £50 note

Alan Turing, famed mathematician, codebreaker and war hero, is to be the face of the new £50 note, the Bank of England has announced

Accounting / Third of councils ‘at risk of financial failure’

Grant Thornton has teamed up with CIPFA to develop a financial foresight model to help local authorities understand and test their long-term financial sustainability

Insight / Warning of Brexit director brain drain

BDO is warning of a potential brain drain in the UK economy if the government does not make a concerted effort to retain and attract European business leaders post-Brexit, after its research found more than 40,000 board-level directors of UK businesses are citizens of EU27 countries

Insight / Hunt is on for next Bank of England head

The Treasury has announced that the process to appoint the next governor of the Bank of England has begun, with the current incumbent Mark Carney, due to step down next year

Insight / Economic trends: jobs growth hides productivity collapse

Despite Brexit uncertainty, the UK economy continues to grow, creating record levels of employment and no let-up in consumer spending, but poor productivity could lead to an economic hangover, argues George Buckley, chief UK economist at Nomura

Insight / Business confidence wilts under Brexit pressure

UK economic confidence improved a little at the start of the year, but remains lower than many other countries worldwide, according to research from ACCA and the Institute of Management Accountants (IMA)

Insight / Economic trends: policymakers start to grasp gloomier outlook

The UK economic outlook has darkened with risks shifting increasingly to the downside. Importantly, Brexit uncertainty plays an important part in this, but is by no means the only factor, says Chris Williamson, chief business economist at IHS Markit

Insight / Economic trends: Brexit burn dampens investment

Ongoing uncertainty about a post-Brexit business landscape is creating a subdued market with less willingness to invest in listed companies with a UK focus, despite the FTSE All Share currently offering a dividend yield of around 4.5%, says Laith Khalaf, senior analyst at Hargreaves Lansdown