Economics

The CBI warn of "Brexit uncertainty biting" as factory orders slump to their lowest since the months following the EU referendum in 2016 Reuters report. British factory orders slid in June against a backdrop of stoppages in car production following uncertainty about when Britain will leave the European Union, the CBI's monthly industrial trends survey showed on Wednesday. The Confederation of British Industry survey's total order book balance sank to -15 this month from -10 in May, the weakest reading...

Signs that arch-Brexiteer Boris Johnson may be a step closer to becoming Britain's next prime minister sent the pound tumbling to a five-month low versus the euro on Tuesday as investors worried about the risks of a hard exit from the European Union. The pound dived to 89.66 pence versus the euro, its lowest level since mid-January, before the outcome of a second round of voting in the Tory leadership contest that might cement Johnson's pole position among rivals. "Fears...

The global use of the euro currency surged from record lows last year, mostly on a flight from the dollar due to the volatility of American politics and concerns about rising U.S. interest rates, the European Central Bank said on Thursday. Demand for the euro, the world's second most widely used currency after the dollar, fell to historic lows over the past decade. Its rebound suggests both concerns about U.S. politics and growing confidence about the future of the euro...

The UK economy took a huge knock in April as Brexit rumbles on. It contracted by 0.4 per cent compared to the month before, marking its biggest monthly fall since March 2016. It follows a decline of 0.1 per cent in March 2019. Industrial production declined by 2.7 per cent during April, with manufacturing shrinking by an alarming 3.9 per cent. This appears to be due to UK car plants shutting down in April, as manufacturers prepared for a no-deal...

Car manufacturing slumped by a massive 24 per cent in April as summer shutdowns were brought forward. New figures revealed the biggest drop in car manufacturing since records began as factory shutdowns took their toll on the industry. Several brought forward or extended shutdowns that normally take place in the summer, said the Society of Motor Manufacturers and Traders (SMMT). Fewer than 71,000 cars were produced in April, a fall of 57,000 from the same month in 2018, according to...

Owners had previously warned that Brexit would lead to factory closures

Activity across UK building firms fell last month, driven by a sharp decline in commercial construction and civil engineering, according to data firm Markit. Commercial building was the weakest sector, with output falling to the greatest extent since September 2017.  Survey respondents said that clients had opted to hold back on major spending decisions in response to Brexit uncertainty. Civil engineering also fell for a fourth straight month, the longest run since the first half of 2013. Duncan Brock, group...

Signs that European customers are "abandoning" UK firms are starting to show after British manufacturing recorded the steepest downturn in almost three years. Following an early Brexit stockpiling boom at the start of the year May figures dipped significantly for UK manufacturers with new orders drying up. Make UK - formerly known as the EEF – said the downturn shows investment plans have been "paralysed" by Brexit uncertainty in the second quarter of the year, warning that a 'no deal'...

Bankers have seen their pay increase by 9.3 per cent since 2009 as average wages fall by 3.1 per cent, new figures show. In the ten years since the financial crash the typical worker has been left nearly £1,000 worse off a year in real terms, the Trades Union Congress found. But the typical worker in finance or insurance has seen their pay increase by 9.3 per cent in a decade, giving them an extra £119 a week or £6,188...