The UK economy grew for a third month in a row in July as pubs, restaurants and other sectors reopened after the coronavirus lockdown, but it remained around 12% smaller than its pre-pandemic level. After crashing by a record 20% in the second quarter, output expanded by 6.6% in July, slower than June’s monthly rate,…
Category Archives: News
Britain today said it had secured its first major post-Brexit trade agreement – a free trade deal with Japan – the day after bitter wranglings with the European Union. The Department for International Trade said the deal will increase trade with Japan by some £15.2 billion. The UK-Japan Comprehensive Economic Partnership Agreement was agreed in…
New figures from the Central Statistics Office show that consumer prices on average were 1% lower in August compared with the same month last year. This marked the sharpest annual fall since 2010, when the economy was hit hard by the global financial crisis. Consumer prices have dropped on an annual basis for five months…
European Commission vice-president Maros Sefcovic said violating the Withdrawal Agreement would break international law and jeopardise trade deal talks, according to an EU statement. He told British Cabinet Office minister Michael Gove “in no uncertain terms” that the “timely and full implementation” of the divorce deal is “a legal obligation”. “Violating the terms of the…
The Minister for Public Expenditure and Reform has said government spending this year will be in the region of €86 billion, some €16 billion more than was planned in last year’s Budget. Michael McGrath said the current estimates process in the run up to the Budget is a “complex one”. He also said it was…
Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar says he does not believe a free trade agreement can be reached if the UK does not honour the UK EU Withdrawal Agreement. Mr Varadkar said he hopes that proposed new Brexit-related Westminster legislation is simply “sabre rattling”, adding that the strategy and behaviour of…
The euro zone economy declined by slightly less than initially estimated in the second quarter, but the drop was still the sharpest ever as consumer spending caved in due to Covid-19 restrictions. Gross domestic product (GDP) fell by 11.8% from the previous quarter and by 14.7% year-on-year, data from the European statistics agency Eurostat showed…
Weaknesses have been identified in a number of credit unions as part of a supervisory analysis conducted by the Central Bank. The difficulties, found as part of the fourth Credit Union Supervisory Commentary Report, were found in a number of risk categories, including governance and credit underwriting. “We acknowledge that some credit unions have made…
The UK has demanded “more realism” from the European Union ahead of crucial post-Brexit trade talks, which get under way in London. However, the mood was soured by reports that the British government was looking to rewrite the Withdrawal Agreement that the two sides have already signed. British Prime Minister Boris Johnson’s chief negotiator David…
New figures from the Central Statistics Office show that the economy contracted by 6.1% during the second quarter of 2020 due to the impact of the Covid-19 restrictions – the biggest quarterly drop ever recorded. This means the economy is now in recession after an initial estimate that it expanded in the first quarter was…