{"id":1149,"date":"2021-06-09T12:08:10","date_gmt":"2021-06-09T11:08:10","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=1149"},"modified":"2022-07-05T14:11:07","modified_gmt":"2022-07-05T13:11:07","slug":"news-in-review-8","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/06\/09\/news-in-review-8\/","title":{"rendered":"News in Review"},"content":{"rendered":"
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\u2018<\/em><\/strong>We will continue to work together to\nensure a strong, sustainable, balanced and inclusive global recovery that\nbuilds back better and greener from the COVID-19 pandemic\u2019<\/em><\/strong><\/em><\/strong><\/p>\n<\/div>\n\n

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Ahead of the G7 Summit in Carbis Bay,\nCornwall, later this week, where leaders from some of the <\/strong>world\u2019s most influential\ncountries <\/strong><\/a>are\nmeeting to discuss major global issues, several Finance Ministers met in\nLondon at the weekend to discuss a whole host of global economic issues,\nincluding reforms to the global tax system to make it fit for the digital age<\/strong>. They were also joined by <\/strong>the Heads of the\nInternational Monetary Fund, World Bank Group and Organisation for Economic\nCooperation and Development.<\/strong><\/strong><\/p>\n<\/div>\n\n

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In what Janet Yellen, US Treasury\nSecretary described as a \u201chistoric achievement\u201d<\/em>, Finance Ministers from\nthe US, UK, Germany, France, Canada, Japan, Italy and the EU, agreed to combat\ntax avoidance by making companies pay more in the countries where they sell\ntheir services or products. They also agreed in principle to a global minimum corporate\ntax rate of 15% to avoid countries undercutting each other with low tax rates.\nThe deal is set to be discussed in more detail\nat a meeting of G20 Finance Ministers in Venice next month.<\/p>\n<\/div>\n\n

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In a\npolicy paper sent out following the series of meetings, the outcome was\noutlined, \u2018<\/em>We agreed concrete actions to\naddress today\u2019s historic challenges and as part of our renewed and urgent\neffort towards deeper multilateral economic cooperation.\u2019 <\/em>The strong\ncommitment of the attendees to work collaboratively was evident, with clear\nfollow-up intentions set out, \u2018<\/em>We will continue to work together to ensure a strong,\nsustainable, balanced and inclusive global recovery that builds back better and\ngreener from the COVID-19 pandemic.\u2019<\/em><\/p>\n<\/div>\n\n

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Although\njob vacancies increase – skills shortage intensifies<\/strong><\/p>\n<\/div>\n\n

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A KPMG survey has highlighted how the easing of\nrestrictions and subsequent reopening of various sectors has led to the highest\ndemand for workers in over 23 years. Job vacancies in the UK are soaring,\nbut candidate availability has declined at the fastest rate since\n2017. According to the survey, workers are particularly needed in computing and\nIT, as well as the hospitality industry. As a result, KPMG has called on the\ngovernment and firms to urgently address the skills gaps. Deputy Chief\nExecutive of the Recruitment & Employment Confederation, Kate Shoesmith,\ncommented, “With demand spiking, the skills and labour shortages that\nalready existed in the UK have come into sharper focus – and COVID has only\nmade them worse. This is the most pressing issue in the jobs market right now\nand has the potential to slow down the recovery.”<\/em><\/p>\n<\/div>\n\n

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Services sector expanded at\nfastest rate in 24 years in May<\/strong><\/p>\n<\/div>\n\n

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Data\nreleased on Thursday from the UK Composite Purchasing Managers\u2019 Index (PMI) for\nservices, indicated that activity in the UK\u2019s service industry grew at its\nfastest rate in 24 years, rising to 62.9 in May, up from 61 in April. Any score\nabove 50 indicates growth. Economics\nDirector at IHS Markit, Tim Moore, commented, \u201cUK service providers reported\nthe strongest rise in activity for nearly a quarter-century during May as the\nroll back of pandemic restrictions unleashed pent up business and consumer\nspending. The latest survey results set the scene for an eye-popping rate of UK\nGDP growth in the second quarter of 2021, led by the reopening of\ncustomer-facing parts of the economy after winter lockdowns.\u201d<\/em><\/p>\n<\/div>\n\n

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Travel rules updated <\/strong><\/strong><\/p>\n<\/div>\n\n

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After a\nreview of travel rules, an announcement was made on Thursday that Portugal\n(including Madeira and the Azores) was to be removed from the UK green list and\nplaced on the amber list. The changes came into effect on Tuesday at 4am. No\nnew countries were added to the green list and a further seven countries were\nadded to the red list, including Sri Lanka and Egypt. All four nations are\ncurrently following the same travel rules.  \n<\/p>\n<\/div>\n\n

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Vaccine news<\/strong><\/strong><\/p>\n<\/div>\n\n

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Last Thursday, on the same\nday as official figures showed that more than half of UK adults have now had\nboth doses, Boris Johnson received his second jab, welcoming an \u201camazing\nachievement<\/em>\u201c  and tweeting \u201cnow\nlet\u2019s finish the job.<\/em>\u201d Also last week, news came from the Medicines and Healthcare\nproducts Regulatory Agency (MHRA) that the Pfizer-BioNTech vaccine has been\napproved for use in children aged 12-15, following a \u2018rigorous\nreview<\/em>.\u2019\nThe Joint Committee on Vaccination and Immunisation (JCVI) must now advise\ngovernment on whether this age group should be included in the UK vaccination rollout.<\/p>\n<\/div>\n\n

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Here to\nhelp<\/strong><\/p>\n<\/div>\n\n

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Financial\nadvice is key, so please do not hesitate to get in contact with any questions\nor concerns you may have.<\/p>\n<\/div>\n\n

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The value of investments can go down as well\nas up and you may not get back the full amount you invested. The past is not a\nguide to future performance and past performance may not necessarily be\nrepeated.<\/strong><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

\u2018We will continue to work together to ensure a strong, sustainable, balanced and inclusive global recovery that builds back better and greener from the COVID-19 pandemic\u2019 Ahead of the G7 Summit in Carbis Bay, Cornwall, later this week, where leaders from some of the world\u2019s most influential countries are meeting to discuss major global issues, several Finance Ministers […]<\/p>\n","protected":false},"author":12,"featured_media":1150,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,112],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1149"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=1149"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1149\/revisions"}],"predecessor-version":[{"id":1152,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/1149\/revisions\/1152"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/1150"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=1149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=1149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=1149"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=1149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}