Economic recovery slows down as new restrictions bite, data shows
Growth in the UK’s private sector slowed from its high post-lockdown levels this month as new restrictions started to bite on the economy.
Economy
What are negative interest rates and can they help the economy?
Barclays Bank has said it would be ready for any negative interest rates, after the Bank of England confirmed it is looking at the option to see whether it could help the economy through the coronavirus crisis.
‘Double dip’ threat for consumer confidence as concerns about finances worsen
Consumer confidence is heading for a double dip as concerns about the state of both personal finances and the wider economy in the coming months deepen, according to an index.
Scottish GDP increased in August but growth slowed
Economic growth in Scotland slowed in August compared to the previous month, according to the latest estimates.
Bank policymaker adds support for negative interest rates
A Bank of England policymaker has become the latest to back the case for negative interest rates after warning that more action is likely to be needed as joblessness is set to soar.
China’s economy accelerates as virus recovery gains strength
China’s economic growth accelerated to 4.9% over a year earlier in the latest quarter as a shaky recovery from the coronavirus pandemic gathered strength.
Economic recovery slows in August despite Eat Out scheme
The pace of the UK’s economic recovery from the Covid-19 pandemic has slowed considerably and is far below what experts had hoped for, new figures show.
High street footfall down in September amid tighter restrictions
High street footfall “steadily dropped” throughout September as the tightening of restrictions impacted retailers’ recovery, according to new data.
Confidence and sales drop despite return to trading – report
Confidence and sales dropped across several sectors of Scotland’s economy despite returning to trading as coronavirus restrictions were eased, according to a new report.
Rishi Sunak speech: Chancellor braces nation for tax hikes as economic damage of Covid hits
Rishi Sunak has braced the nation for tax hikes, warning there will be no "easy cost-free answer" to the economic crisis unleashed by coronavirus.
TSB branch closures: First Minister tells banks rural areas need access to cash
Nicola Sturgeon has urged banks to pay “very close attention” to the need for rural communities to access cash, following news of TSB branch closures in the north and north east.
More than 90,000 jobs at risk, events companies warn
The events sector has warned the Government that 90,000 jobs will be lost in the coming weeks if it fails to provide further financial support.
UK worst hit major economy despite less severe second-quarter contraction
The UK economy’s record contraction in the second quarter was slightly less severe than first thought, but the 19.8% plunge still saw Britain suffer the worst slump of any major economy.
Economy at ‘crucial crossroads’, Fraser of Allander Institute report says
Scotland’s economic outlook is “hugely unclear” because of uncertainty about the rising coronavirus cases and the potential for a second lockdown, the Fraser of Allander Institute has said.
Economy may not return to normal until 2023, report suggests
Scotland’s economy may not return to pre-pandemic levels until 2023, a new report by the chief economist has suggested.
A-level results fiasco has put university students at risk – Lib Dem leader
The rising Covid-19 problem at universities has been made worse by the Government’s “incompetence” over A-level results, the leader of the Liberal Democrats has said.
Scottish GDP grew 6.8% in July but remains far below pre-lockdown levels
Scotland’s Gross Domestic Product (GDP) grew by 6.8% in July but is still 10.7% below pre-lockdown levels, according to the latest Scottish Government monthly estimates.
UK industry suffers setback in September as recovery slows
UK private sector output suffered a setback in September as growth slowed, according to new data.
Douglas Ross calls for more help to combat economic damage of Aberdeen’s local lockdown from UK and Scottish governments
Douglas Ross has called on the Chancellor and Scottish Government to provide more financial help for Aberdeen to combat the economic damage done by the local lockdown.
UK economy grew 6.6% in July as rate of rebound slows
The UK economy grew by 6.6% in July as the rate of the country’s financial recovery slowed down, according to official data.
Committee publishes Bill to limit ministers’ early access to statistics
A Holyrood committee has moved to limit ministers’ early access to economic statistics by publishing a Bill which would change the rules.
Strike action possible as unions oppose office return for civil servants
A public sector union said it would be willing to consider strike action after confirming it opposed Cabinet-driven plans for the vast majority of civil servants to return to the office by the end of the month.
Row breaks out over push for more civil servants to return to office
Prompts for Civil Service bosses to get the vast majority of staff back into the office have been labelled “virtue signalling” by a union chief.
Highland hotelier’s plea to Jeane Freeman for Covid testing of the hospitality workforce
A Highland hotelier has urged Jeane Freeman to provide more Covid-19 testing for hospitality staff working in rural and remote areas.
There is no ‘back to work’ campaign, insists Number 10
Downing Street has denied the existence of a Government “back to work” campaign but said employers are to be reminded of how to make workplaces Covid-safe in a bid to increase office numbers.
Services sector enjoys fastest growth for over five years, but job losses mount
There were further signs of a post-lockdown mini-boom in the UK economy after figures showed the fastest service sector growth since 2015, but firms ramped up “fierce” job cuts in the face of the pandemic.
Scottish budget up by 14% due to increased coronavirus spending
The Scottish Government’s budget has grown by 14% since it was set in February because of an additional £6 billion in coronavirus funding from the UK Government.
How can I apply? Chancellor Rishi Sunak unveils jobs plan for 16 to 24-year-olds
Rishi Sunak has launched a £2 billion Kickstart scheme in a bid to create more jobs for young people and spur Britain’s economic recovery.
PM says ‘huge numbers’ returning to the office amid push to end home working
The Prime Minister said people were returning in “huge numbers to the office” – but Downing Street said it could not yet provide information to back up the claim.
Douglas Ross urges SNP to adopt his emergency proposals for turning round the Covid stricken economy
Scottish Conservative leader Douglas Ross has urged the Scottish Government to adopt his emergency proposals to turnaround Scotland’s ailing economy accusing the SNP of “letting down” businesses.