The latest CBI Industrial Trends Survey found that output volumes fell in the quarter to July, at a slower pace relative to the quarter to June. Firms expect output to fall again in the three months to October.
UK CPI inflation eased slightly to 2.6% in June (from 2.8% in May), marginally undershooting consensus expectations. Core CPI inflation (excl. energy, food, alcohol, and tobacco) held steady at 2.6%.
you’re telling me Chris Nolan, the guy who ushered in the modern age of superhero movies, keeps making films about men who must reckon with their guilt over loosing horrors upon the world
The Economist on the Martin Lewis Nation:
"A measly 13% of the financial assets of British households are shares, the lowest in almost any large developed economy. In Ramseyan America the figure is 44%. No amount of scrimping and saving will compensate Britons for missing out on the profound benefits of long-term compound returns."
Exclusive: Andy Burnham plans to beef up the Business Department and reinstate Jonathan Reynolds as Business Secretary. Broadened department will also have responsibilities for energy and tech💥
With @PickardJE & @JenWilliams_FT https://t.co/RyXDFN8MmJ
Also, the U.S. is unique because we have dozens of cities where ambitious people can excel in various careers and industries. I love the UK and London but London is a bottleneck politically, culturally and economically. You can’t move to Manchester or Birmingham and really compete at the top level in many careers. Paris has a little urban competition, but not much. Meanwhile New York City is an elite destination, sure. But you can become an extremely successful lawyer, architect, artist, singer, engineer, whatever, without moving to NYC. You can do that in Dallas, Nashville, Atlanta, LA, SF, Boston, Chicago, Seattle, Houston, Miami, Pittsburgh and even Philadelphia. The competition between urban centers is great for productivity and innovation. But this system of safety valves for the production of elites is also a huge engine of our success.
Bit strange from the @lpcminimumwage - arguing that going above 66% of typical wages would be risky for the minimum wage, when it's already above that in 45 British cities.
In Doncaster it's 82% of the local median, the 3rd highest in the OECD after Colombia and Costa Rica:
8.7%. That's how fast input prices for manufacturers rose in the year to May — the fastest pace since February 2023. 📈
Our July Economic Deep Dive breaks down how the Iran conflict is feeding through to costs, inflation, and investment.
Business volumes in the financial services sector dropped at a rapid pace in Q2, following a temporary recovery in Q1, according to the latest CBI Financial Services Survey. Firms expect volumes to decline at a relatively slower pace over the next quarter.
📉 PRIVATE SECTOR ACTIVITY IS EXPECTED TO FALL INTO THE AUTUMN, EXTENDING A RUN OF NEGATIVE PREDICTIONS THAT BEGAN IN LATE 2024
Firms anticipate declines in activity once again through to September