[ad_1]
The UK economy added 208,000 jobs in the latest quarter, taking some of the pressure off the Bank of England to slash interest rates next week.
Unemployment fell by 7,000 to 1.31 million in the three months to the end of November, according to figures from the Office for National Statistics. Meanwhile, employment far outstripped expectations, hitting an all-time high of 76.3 per cent.
The news has thrown uncertainty into the works, as the Bank of England’s Monetary Policy Committee (MPC), which sets the rates, is due to meet next Thursday.
It had been widely expected to cut the interest rate, but the new data could give members pause for thought, experts said.
“The continued resilience of the labour market increases the chances that the MPC will take a rain-check next week, instead of cutting bank rate immediately,” said Samuel Tombs, chief UK economist at Pantheon Macroeconomics.
1/12 Future product placement will be ‘tailored to individual viewers’
Marketing executives say that product placement in films and televison shows on streaming services such as Netflix may be tailored to individuals in future. For instance, if data shows that a viewer is a fan of pepsi, a billboard in the background of a shot would host an advert for pepsi, while for a viewer known to have different tastes it could be for Coca-Cola
Paramount
2/12 Corbyn wishes Amazon a happy birthday
In a card sent to Amazon CEO Jeff Bezos on the company’s 25th birthday, Labour leader Jeremy Corbyn writes: “You owe the British people millions in taxes that pay for the public services that we all rely on. Please pay your fair share”
3/12 No deal, no tariffs
The government has announced that it would slash almost all tariffs in the event of a no-deal Brexit. Notable exceptions include cars and meat, which will see tariffs in place to protect British farmers
Getty
4/12 Fingerprint payment
NatWest is trialling a new bank card that will allow people to touch their hand to the card when paying rather than typing in a PIN number. The card will work by recognising the user’s fingerprint
NatWest/PA Wire
5/12 Mahabis bust
High-end slipper retailer Mahabis has gone into administration. 2 Jan 2019
Mahabis
6/12 Costa Cola
Coca-Cola has paid £3.9bn for Costa Coffee. A cafe chain is a new venture for the global soft drinks giant
PA
7/12 RIP Payday Loans
A funeral procession for payday loans was held in London on September 2. The future of pay day lenders is in doubt after Wonga, Britain’s biggest, went into administration on August 30
PA
8/12 Musk irks investors and directors
Elon Musk has concluded that Tesla will remain public. Investors and company directors were angry at Musk for tweeting unexpectedly that he was considering taking Tesla private and share prices had taken a tumble in the following weeks
Getty
9/12 Jaguar warning
Iconic British car maker Jaguar Land Rover warned on July 5, 2018 that a “bad” Brexit deal could jeopardise planned investment of more than $100 billion, upping corporate pressure as the government heads into crucial talks
AFP/Getty
10/12 Spotif-IPO
Spotify traded publically for the first time on the New York Stock Exchange on Tuesday. However, the company isn’t issuing shares, but rather, shares held by Spotify’s private investors will be sold
AFP/Getty
11/12 French blue passports
The deadline to award a contract to make blue British passports after Brexit has been extended by two weeks following a request by bidder De La Rue. The move comes after anger at the announcement British passports would be produced by Franco-Dutch firm Gemalto when De La Rue’s contract ends in July.
The British firm said Gemalto was chosen only because it undercut the competition, but the UK company also admitted that it was not the cheapest choice in the tendering process.
12/12 Beast from the east economic impact
The Beast from the East wiped £4m off of Flybe’s revenues due to flight cancellations, airport closures and delays, according to the budget airline’s estimates. Flybe said it cancelled 994 flights in the three months to 31 March, compared to 372 in the same period last year.
1/12 Future product placement will be ‘tailored to individual viewers’
Marketing executives say that product placement in films and televison shows on streaming services such as Netflix may be tailored to individuals in future. For instance, if data shows that a viewer is a fan of pepsi, a billboard in the background of a shot would host an advert for pepsi, while for a viewer known to have different tastes it could be for Coca-Cola
Paramount
2/12 Corbyn wishes Amazon a happy birthday
In a card sent to Amazon CEO Jeff Bezos on the company’s 25th birthday, Labour leader Jeremy Corbyn writes: “You owe the British people millions in taxes that pay for the public services that we all rely on. Please pay your fair share”
3/12 No deal, no tariffs
The government has announced that it would slash almost all tariffs in the event of a no-deal Brexit. Notable exceptions include cars and meat, which will see tariffs in place to protect British farmers
Getty
4/12 Fingerprint payment
NatWest is trialling a new bank card that will allow people to touch their hand to the card when paying rather than typing in a PIN number. The card will work by recognising the user’s fingerprint
NatWest/PA Wire
5/12 Mahabis bust
High-end slipper retailer Mahabis has gone into administration. 2 Jan 2019
Mahabis
6/12 Costa Cola
Coca-Cola has paid £3.9bn for Costa Coffee. A cafe chain is a new venture for the global soft drinks giant
PA
7/12 RIP Payday Loans
A funeral procession for payday loans was held in London on September 2. The future of pay day lenders is in doubt after Wonga, Britain’s biggest, went into administration on August 30
PA
8/12 Musk irks investors and directors
Elon Musk has concluded that Tesla will remain public. Investors and company directors were angry at Musk for tweeting unexpectedly that he was considering taking Tesla private and share prices had taken a tumble in the following weeks
Getty
9/12 Jaguar warning
Iconic British car maker Jaguar Land Rover warned on July 5, 2018 that a “bad” Brexit deal could jeopardise planned investment of more than $100 billion, upping corporate pressure as the government heads into crucial talks
AFP/Getty
10/12 Spotif-IPO
Spotify traded publically for the first time on the New York Stock Exchange on Tuesday. However, the company isn’t issuing shares, but rather, shares held by Spotify’s private investors will be sold
AFP/Getty
11/12 French blue passports
The deadline to award a contract to make blue British passports after Brexit has been extended by two weeks following a request by bidder De La Rue. The move comes after anger at the announcement British passports would be produced by Franco-Dutch firm Gemalto when De La Rue’s contract ends in July.
The British firm said Gemalto was chosen only because it undercut the competition, but the UK company also admitted that it was not the cheapest choice in the tendering process.
12/12 Beast from the east economic impact
The Beast from the East wiped £4m off of Flybe’s revenues due to flight cancellations, airport closures and delays, according to the budget airline’s estimates. Flybe said it cancelled 994 flights in the three months to 31 March, compared to 372 in the same period last year.
Currency traders also seemed to believe the chance of a rate cut is diminished as they pushed the pound up 0.3 per cent to 1.3048 against the dollar.
The decision could now come down to other data, due to be published later this week.
If IHS’s Purchasing Managers’ Index and an industrial trend survey from the Confederation of British Industry do not show that the economy is picking up, it may force the committee’s hand.
A lower interest rate makes it cheaper for people and companies to borrow money, and could stimulate the economy.
However, a rate cut would not be welcomed by business, said Suren Thiru, head of economics at the British Chambers of Commerce.
“More must be done to stimulate growth and productivity. With interest rates near to historical lows, there is little to be gained from further rate cuts. Instead the focus should be on using the upcoming Budget to support firms looking to recruit and grow their business,” said Mr Thiru.
The chancellor, Sajid Javid, hailed the figures, saying they would make “a real difference to the day-to-day lives of hard-working families”.
Howard Archer, chief economic adviser to the EY Item Club, said the figures were “remarkably strong”, considering the uncertainty around December’s election and Brexit.
“Uncertainties were particularly heightened in November, while data show GDP contracted 0.3 per cent month on month. Even allowing for employment being a lagging indicator and the data being helped by a weak August performance dropping out of the calculation, a jump of 208,000 in the number employed looks remarkable,” he said.
Press Association
[ad_2]
READ SOURCE
