Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
UK Wealth Managers optimistic about business growth
Lloyds Bank has just released its ninth Financial Institutions Sentiment Survey, which examines how banks, wealth and asset managers, insurers, and financial sponsors view economic growth, their investments and expansion plans.
Small business reaction to the King’s Speech
Responding to the King’s Speech at today’s State Opening of Parliament, Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said: “Today’s King’s Speech announcements fell short on the central challenge – getting growth back into the economy and ensuring wealth creation in every local community..”
Labour market cooling, but there is still work to be done to plug skills gaps
Commenting on the release of labour market statistics that showed signs of continued cooling, Alexandra Hall-Chen, Principal Policy Advisor for Employment at the Institute of Directors, said: “Employers will welcome signs that the labour market continues to cool, with vacancies decreasing on the quarter for the 23rd consecutive period and a slight drop in economic inactivity.
UK pay growth slows but remains high for Bank of England
Wages in Britain grew a bit more slowly but still increased at a pace that would normally be too strong for the Bank of England, leaving in doubt the possibility of an interest rate cut in two weeks’ time.
South West to have fastest growing economy in UK over next five years
Two new reports published show that the economy of the South West is likely to grow faster than any other part of the UK economy outside of London over the next five years.
UK grocery inflation at lowest level in nearly three years
Grocery inflation has dropped to its lowest level since September 2021, according to data from market research firm Kantar.
Global IT outage: CrowdStrike issue could take ‘weeks’ to clear as airports warn of disruption this weekend
More than 5,000 flights were cancelled as a global IT outage hit Windows PCs on Friday, while the “majority” of GP surgeries in England and Northern Ireland were affected. While a fix had been rolled out, it would be “some time” before all systems are returned to normal and an industry expert warned it could take “weeks” for a full recovery.
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