Economic trends

Insight / Covid-19: OBR warns of 35% drop in GDP

Scenario modelling by the Office for Budget Responsibility (OBR) suggests the UK faces the biggest economic shock in 300 years as a result of the current pandemic, with GDP falling 35% in the second quarter, unemployment rising by over two million, and the largest deficit in the government’s finances since the Second World War

Insight / Late payment delays double in a year

UK businesses are waiting longer to get paid in 2019, with late payments doubling from 12 days in 2018 to 23 days currently, according to research from MarketFinance

Insight / 64% of investors think cryptocurrencies are unsafe

UK investors are favouring more traditional methods of investments such as shares and property in a time of political uncertainty 

Insight / Pub and bar insolvencies jump 13%

More pub and bar companies are going bust due to Brexit-driven cost rises exacerbated by teetotal millennials

Insight / Equity crowdfunding and due diligence requirements

Raising finance is always a challenge and taking the equity crowdfunding route requires additional due diligence. John Auckland of TribeFirst sets out key pointers for start-ups and growth stage companies 

Insight / Deloitte gender pay gap slow to close

Deloitte UK has published its 2019 gender pay gap data, indicating that progress towards parity is taking a while to achieve

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