Economy News

ONS: April to June brings largest quarterly employment decline in over ten years

News | Published August 11th 2020

ONS: April to June brings largest quarterly employment decline in over ten years

Figures from the Office for National Statistics indicate that employment fell by 220,000 between April and June 2020, the largest quarterly decline since May to July 2009 during the financial crisis.

Sunak talks down extending furlough scheme

News | Published August 8th 2020

Sunak talks down extending furlough scheme

Chancellor Rishi Sunak has dismissed the idea of extending the furlough scheme beyond October, warning that it cannot “carry on indefinitely”.

Bank of England hints at less severe downturn but longer recovery

News | Published August 7th 2020

Bank of England hints at less severe downturn but longer recovery

The Bank of England has said that the economic downturn in the UK brought about by Covid-19 will not be as severe as previously thought but estimates that the recovery will take longer than forecast.

Committee calls for closer consultation with local communities over infrastructure projects

News | Published July 28th 2020

Committee calls for closer consultation with local communities over infrastructure projects

The Public Administration Select Committee of MPs has said that more effective consultation with local communities is required to enable large infrastructure projects to bring tangible socio-economic benefits.

Committee criticises lack of planning for economic impact of Covid-19 pandemic

News | Published July 23rd 2020

Committee criticises lack of planning for economic impact of Covid-19 pandemic

The Commons Public Accounts Committee has criticised the government for what it calls an “astonishing” failure to plan for the economic effect of a pandemic situation, adding that Westminster’s response to the Covid-19 crisis was rushed.

Government borrows record £127.9 billion between April and June

News | Published July 21st 2020

Government borrows record £127.9 billion between April and June

The period of April to June saw the UK government borrow a record £127.9 billion to finance mitigating the effects of Covid-19.

Covid-19 lockdown reduces numbers on payroll by 649,000

News | Published July 16th 2020

Covid-19 lockdown reduces numbers on payroll by 649,000

Figures from the Office for National Statistics have shown that the number of workers on UK payrolls fell by 649,000 between March and June.

UK economy grew 1.8 per cent in May

News | Published July 15th 2020

UK economy grew 1.8 per cent in May

The UK economy grew by a modest 1.8 per cent compared to April, rebounding slower than economists had anticipated.