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☆ CBI says UK recession could turn into a 'lost decade' of growth
▼ + stars: | 2022-12-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN Business —The United Kingdom faces a “lost decade” of growth if action isn’t taken to address slumping business investment and worker shortages, a leading business lobby group has warned. “Britain is in stagflation — with rocketing inflation, negative growth, falling productivity and business investment. The CBI expects the UK economy to shrink by 0.4% in 2023 — a significant downgrade from the growth of 1% it predicted in June. The group expects business investment to fall from the middle of next year, leaving it 9% below its pre-pandemic level at the end of 2024. “We cannot afford to have another decade where both [investment and productivity] are stagnant,” Danker said.

☆ Morning Bid: China reopening as volatility ebbs
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +4 min

What's more, Wall Street's 'fear index' is showing little if any trepidation about the final month of the year. Even though it backed up a bit today, the VIX index of implied S&P500 volatility (.VIX) closed at its lowest in 8 months on Friday. Morgan Stanley updated its China equity recommendation to overweight, citing "multiple positive developments alongside a clear path set towards reopening." China's yuan , surged past 7 to the dollar in onshore and offshore markets - its best levels in almost three months. The China re-opening optimism buoyed the oil price even as OPEC+ nations at the weekend held their targets steady despite last week's market speculation of another output cut.

☆ Britain must end reliance on 'cheap labour', Starmer tells businesses
▼ + stars: | 2022-11-22 | by ( Elizabeth Piper | ) www.reuters.com time to read: +4 min

In a speech to the Confederation of British Industry (CBI) conference, Starmer doubled down on that message by telling businesses that a Labour government would work with companies to "help the British economy off its immigration dependency". "But let me tell you - the days when low pay and cheap labour are part of the British way on growth must end." Britain's economy has long relied on cheap labour, particularly since the EU expanded to take on new members from eastern Europe. On Monday, CBI Director General Tony Danker said labour shortages could be addressed with a better immigration system. "But our common goal must be to help the British economy off its immigration dependency," he said.

☆ Shell to 'evaluate' 25 bln pound British investments after windfall tax
▼ + stars: | 2022-11-21 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

Companies Shell PLC FollowLONDON, Nov 21 (Reuters) - Shell (SHEL.L) said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government's decision to increase a windfall tax on oil and gas producers. "We're going to have to evaluate each project on a case by case basis," said Shell's UK country chair David Bunch told the Confederation of British Industry's annual conference in Birmingham. "When you tax more you're going to have less disposable income in your pocket, less to invest." The government forecasts that the tax, which was also extended from the end of 2025 to 2028, will raise 40 billion pounds. It nevertheless allows to deduct most investments in new oil and gas projects from the tax.

Sunak told business leaders at a Confederation of British Industry (CBI) conference he was "unequivocal" that Britain should pursue its own agenda on regulation and migration. "On trade, let me be unequivocal about this: under my leadership, the United Kingdom will not pursue any relationship with Europe that relies on alignment with EU laws," Sunak said. [1/3] British Prime Minister Rishi Sunak speaks during the Confederation of Biritish Industry (CBI) conference in Birmingham, Britain November 21, 2022. And having the regulatory freedom to do that is an important opportunity of Brexit," Sunak said. "Let's have economic migration in areas where we aren't going to get the people and skills at home anytime soon.

LONDON, Nov 21 (Reuters) - Sterling slipped against a strengthening U.S. dollar on Monday as global risk sentiment was dented by rising COVID-19 cases in China, which led to new restrictions in the world's second largest economy. Risk-sensitive sterling was down 0.6% to $1.1816, on track for its biggest daily decline against the U.S. dollar in almost two weeks as China battles numerous COVID flare ups. The pound is expected to weaken further this week with public finances data due on Tuesday and flash PMI numbers on Wednesday. "Weaker sentiment and worsening public finances suggest that the recent correction in real money sterling shorts is already fully valued," said Stretch. Bitcoin was down 2.1% against sterling on the day to 13.600, after briefly falling to the lowest level since December 2020.

Hunt, reminding lawmakers of his own past as an entrepreneur in marketing and publishing, made accelerating economic growth a priority in his budget speech to parliament on Thursday. Britain is badly in need of a growth fillip. It also cut its growth forecast for 2024 to 1.3% before a better couple of years thereafter with growth at 2.6% and 2.7%. It said Hunt's plan to cut public investment from 2024 would probably weigh on productivity growth - key to an economy's long-term prospects - beyond its five-year forecasts. "I have tried to avoid anything that damages long-term growth," Hunt told the BBC.

☆ UK needs to make politically unpopular reforms to boost growth, business group says
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 14 (Reuters) - The British government must be willing to make politically unpopular choices in areas such as immigration and regulation to boost business investment and economic growth, the Confederation of British Industry (CBI) said on Monday. It also called on the government to streamline "the slow and inconsistent planning system", and speed-up decision-making for major developments. "All of us need to accept now that with fiscal and monetary policy tightening, we need many more pro-growth policies for our economy, if we’re to avoid a decade of no growth," CBI Director-General Tony Danker said in a statement. Danker said that if Hunt's plan for growth was only "warm words and aspirations" it wouldn't stop businesses pulling back from investment. "We need to make the UK an attractive place to invest."

☆ UK companies see tough conditions enduring in months ahead: CBI
▼ + stars: | 2022-10-29 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 30 (Reuters) - British businesses think the gloom hanging over their prospects will persist in the coming months, according to an industry survey published on Sunday. The Confederation of British Industry's (CBI) gauge of private sector growth in the three months to October rose to -15 from -19 in the three months to September, still in contraction territory. "Notwithstanding a mixed picture across sectors, the private sector continues to face considerable headwinds," said Alpesh Paleja, CBI lead economist. "Amid rising costs, labour shortages and demand waning, businesses foresee a continued fall in activity over the next three months." The CBI survey was based on responses from 624 companies, surveyed between Sept. 26 and Oct. 13.

☆ Analysis: UK's Hunt faces triple threat from debt, recession and Conservative rebels
▼ + stars: | 2022-10-25 | by ( William Schomberg | ) www.reuters.com time to read: +5 min

Hunt, re-appointed to his job by new Prime Minister Rishi Sunak on Tuesday, is due to announce a budget plan on Oct. 31. Hunt, a former foreign and health minister, was rushed in as Truss's new finance minister after she fired her friend and fellow low-tax disciple Kwarteng less than two weeks ago in a bid to appease the markets. Hunt immediately ripped up Truss and Kwarteng's programme, reversing most of its 45 billion pounds of tax cuts, and he warned of tough decisions ahead to restore Britain's economic credibility. But the scale of the problem remains huge, with health, education and other public services in Britain under huge strain after more than a decade of tough controls on public spending. Just as important in the short term, Hunt and Sunak must decide what to do with Britain's hugely expensive energy price cap for homes and businesses.

☆ UK economy: Rishi Sunak only has unpleasant choices as prime minister
▼ + stars: | 2022-10-25 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

There’s little appetite for government spending cuts after years of austerity in the wake of the 2008 global financial crisis. Plus, failing to help households deal with surging living costs could prove politically devastating and further weigh on the economy. Finance minister Jeremy Hunt got the ball rolling last week when he reversed £32 billion ($37 billion) in tax cuts that formed the bedrock of Truss’ plan to boost growth. Risk of a ‘doom loop’Investors and economists expect that the government will announce a mixture of tax increases and spending cuts shortly. No one wants to repeat the errors of the brief Truss era, when her gamble that unfunded tax cuts would jumpstart growth backfired spectacularly.

LONDON, Sept 29 (Reuters) - British Prime Minister Liz Truss broke her silence on Thursday following nearly a week of chaos in financial markets triggered by her plans for tax cuts, saying she was willing to take "controversial" decisions to reignite growth. Register now for FREE unlimited access to Reuters.com Register"But I'm prepared to do that as prime minister because what's important to me is that we get our economy moving." Truss became prime minister on Sept. 6 after winning the leadership of the governing Conservative Party with promises to cut taxes. "This is the right plan that we've set out," Truss said, adding it would put Britain's economy on a better trajectory for the long term. Some financial analysts have said the government might have to bring forward that announcement to settle the nerves of investors.

☆ Europa ar trebui să treacă la săptămâna de lucru de 4 zile, cer sindicatele liderilor politici
▼ + stars: | 2020-11-17 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +2 min

„De-a lungul istoriei, programul redus de lucru a fost folosit în vreme de criză şi recesiune economică. Pentru progresul civizilaţiei, a sosit momentul de a profita de această oportunitate şi a merge către săptămâna redusă de lucru”, se arată în scrisoare. Cercetătorii arată că pandemia accelerează adoptarea acestei idei, multe dintre beneficiile acestui program suprapunându-se teoretic cu avantajele muncii de acasă. Totuşi, ideea este în acelaşi timp ferm respinsă de unele grupuri de business şi politicieni de centru dreapta. În vară, sindicatul german IG Metall, cel mai mare din Germania, făcea apel pentru introducerea săptămânii de lucru de patru zile pentru salvarea a mii de locuri de muncă din sectorul auto în contextul crizei.

Persons: Boris Johnson, Angela Merkel, Pedro Sanchez Organizations: Mediafax, British, Volkswagen Locations: Germania, Spania

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