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Retail sales strong in July

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Analysis by the Confederation of British Industry (CBI) shows that UK retailers saw strong sales growth in July, although the rate was down slightly on June, which had seen the fastest rise since 2018. The CBI data shows that retail sales volumes rose 23% in July, having jumped 25%...

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FCA questioned over bank account closures

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The chairman of the Treasury select committee has written to the Financial Conduct Authority following reports that thousands of NatWest customers had their accounts shut without warning. Mel Stride said he was concerned the bank may have frozen vulnerable people’s accounts “for no apparent reason” during a crackdown on...

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New businesses in UK increase by 14%

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The number of start-ups launched in the UK rose by 14% in the last year despite the impact of the pandemic, outpacing the global average of a 6% increase in new businesses. A study by UHY Hacker Young shows that there were 726,000 new businesses created in the UK...

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Unemployment falls

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The unemployment rate declined between March and May, slipping 0.2 percentage points to 4.8%. The Office for National Statistics report also revealed that there are more job vacancies now than there were before the pandemic, with 862,000 roles available in April to June. This is 77,500 above the number...

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Inflation hits 2.5%

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Office for National Statistics (ONS) figures show that inflation continued to rise in June, with the Consumer Price Index (CPI) rising to 2.5% last month. The figure exceeds May’s 2.1% and analyst forecasts of a 2.2% climb. It also marks the highest level since August 2018. On a monthly...

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Business confidence at highest level since 2005

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The latest business trends report from BDO shows business confidence in the UK has surged to its highest level since 2005 as companies look ahead to the final lifting of lockdown restrictions later this month. The rise was driven primarily by the manufacturing optimism index, reflecting growing global economic...

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Hodge: Most BTL trust brokers to find the best loan

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New research by Hodge has found nearly three-quarters of portfolio buy-to-let landlords prefer to access finance through a broker, rather than go directly to lenders. The NACFB Patron’s research, which asked portfolio buy-to-let landlords and brokers for their views, also found that 71% of larger investors specified that a...

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Rising interest rates threat to national debt

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With Britain now burdened with a record peacetime deficit, the Office for Budget Responsibility (OBR) has warned that increasing interest rates to dampen inflation could make the country’s debts “unsustainable” and cause serious damage to the wider economy. In a scenario that sees the Bank of England respond to...

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