The Institute for Fiscal Studies (IFS), working with Citi, has published a new “Green Budget” report, examining the damage done by the coronavirus emergency to the UK economy and public finances. Although the future path of the economy remains unclear, it is expected that the UK economy will remain smaller in four years than it was before coronavirus emerged. Unemployment may reach 8....

The latest ONS data suggests a sharp deterioration in the UK labour market over Summer 2020. Data for July 2020 shows that 1,522,000 people were unemployed, giving an unemployment rate of 4.5% - the highest since March 2017. Young adults were especially likely to be unemployed – the unemployment rate for 18-24’s has risen from 10.7% in February (just before Coronavirus took hold) to 13.1%...

Your overview of political and economic news with a focus on the food and consumer goods industry, featuring the latest guidance on COVID-19 and planning for the end of the transition period with the EU. COVID-19 – Local COVID Alert Levels The government has announced new three-tier Local COVID alert levels for England to suppress rising COVID-19 cases and hospital admissions. The...

September saw a slight drop in shopper confidence as tighter restrictions and uncertainty over the EU exit led the news agenda, according to the latest IGD Shopper Confidence Index . September 2020 results Overall confidence slipped to -8 on average for the whole month, down from -7 in August. While the month started at -6, confidence fell to -10 by the end of the month. Remaining at a r...

The Bank of England and the Prudential Regulation Authority have written to commercial banks , requesting information on operational readiness for zero or negative interest rates. Zero (negative) interest rate policy (ZIRP) has never been implemented in the UK before but has by the EU, Japan, and the USA. In its letter, the Bank emphasises that ZIRP is not currently official policy and n...

Your overview of political and economic news with a focus on the food and consumer goods industry, featuring the latest guidance on COVID-19 and planning for the end of the transition period with the EU. COVID-19 – Three tier model and support With rising COVID-19 cases and hospital admissions, a new three-tier lockdown system is expected to be announced on Monday. This is expected ...

As negotiations between the UK and the EU roll on, the possibility of the EU Exit “transition period” ending without a trade deal increases. Businesses trading in food, drink and other consumer goods between the UK and the EU will be impacted by this, facing higher costs and greater operational complexity. Our EU Exit team has created a checklist of activities, focusing on the movement of food ...

Provisional ONS data shows that the UK economy continued to grow in August 2020, although the rate of growth has slowed somewhat since July. Manufacturing and construction have been particularly affected by the slowdown, but consumer-facing services were more resilient – sales of new motor vehicle made a major contribution to the performance of services. Overall, the UK economy remain...

The UK government has issued an updated version of the Border Operating Model ( BOM ), which explains how goods will move over the UK border from January 2021. Note that this document, like the previous one, only covers trade between GB and the EU – the special arrangements that will apply to Northern Ireland are not covered. Compared with the previous version, issued in July, the...

Get an insight into the skills that managers and leaders will need in a workplace transformed by new technology, new business models and COVID-19 in this webinar recording with Chartered Management Institute (CMI). “Current and future looking. Very relevant to today and the new future.”  A listener’s feedback on the webinar Watch the recording to build your awareness of the latest ch...