Economics

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...

As one of the most inhospitable places on Earth, scientists say the discovery has implications for the search for extraterrestrial life

As the UK struggles to decide anything regarding Brexit a stark warning had been handed to the British Isles. In the case of a no-deal Brexit the UK would slump into a two-year recession, claims the IMF (the International Monetary Fund). A no-deal outcome that led to severe border disruptions and a quick erection of tariffs would cause UK GDP to fall by 1.4 per cent and 0.8 per cent in the first and second years The total negative effect...

Academics say long-term decline forecast for large areas of the UK Significant parts of Britain will experience a decline in economic growth over the next twenty years, a study says. The 2019 edition of the UK Competitiveness Index is compiled by researchers at Cardiff University and Nottingham Business School. As well as assessing the competitiveness of localities in England, Wales and Scotland today, forecasts have been compiled data to predict how they will fare in the years to come. By...

The EU’s agreement of a short extension of Article 50 reduces the likelihood of a no-deal ‘Brexident’ next week. Even if Scope has expected the UK to avoid a no-deal exit, the consequences of prolonged uncertainty for the UK’s credit ratings are growing. The EU agreed Thursday to a short Article 50 extension until 22 May, less than the UK’s request for an extension to 30 June and conditional on the Brexit deal being approved in the UK Parliament next...