{"id":2404,"date":"2021-10-20T10:00:12","date_gmt":"2021-10-20T09:00:12","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/10\/20\/news-in-review-25\/"},"modified":"2022-07-05T14:10:06","modified_gmt":"2022-07-05T13:10:06","slug":"news-in-review-25","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/10\/20\/news-in-review-25\/","title":{"rendered":"News in Review"},"content":{"rendered":"
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\u2018Global cooperation is key to addressing our shared challenges as\nwe emerge from the pandemic\u2019<\/em><\/strong><\/p>\n<\/div>\n\n

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Chancellor Rishi Sunak stressed the importance of nations working\ntogether to tackle supply chain issues at a meeting of G7 (Group of Seven)\nnations in Washington last week. The meeting of finance ministers and central\nbank governors discussed the importance of ensuring that global supply chains\nbecome more resilient.    <\/strong><\/p>\n<\/div>\n\n

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Mr Sunak\u2019s statement read, \u2018Global cooperation is key to addressing\nour shared challenges as we emerge from the pandemic. From global tax reform to\nglobal supply chains, we must work together to seek international solutions for\nthe benefit of our citizens at home.\u2019<\/em> <\/p>\n<\/div>\n\n

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Supply chain problems were evident at the Port of Felixstowe last\nweek. The port, which handles 36% of the UK’s freight container traffic,\nreported a logjam of shipping containers, due to a combination of driver\nshortages and ongoing effects of the pandemic in the busy run up to Christmas.\nMeanwhile, President Biden announced plans to keep the Port of Los Angeles open\n\u201c24 hours a day, seven days a week,<\/em>\u201d to relieve pressure on an\noverworked supply chain that has grown into a major economic problem for the US.\n<\/p>\n<\/div>\n\n

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G7 presents a roadmap for\nsystemic economic reform <\/strong><\/p>\n<\/div>\n\n

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In a report entitled \u2018Global Economic Resilience: Building\nForward Better\u2019,<\/em> published on 13 October, the G7 Economic Resilience Panel\nset out a roadmap detailing how the G7 nations should work together to identify\nand manage emerging risks or coercion. Lord Sedwill, Chair of the Panel, said,\n\u201cEconomic resilience is delivered by diversification, co-dependence and\npublic-private partnerships within well-governed, open and integrated global\nmarkets.\u201d <\/em> <\/em><\/p>\n<\/div>\n\n

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Bank of\nEngland will act on inflation<\/strong><\/p>\n<\/div>\n\n

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On\nMonday, the Bank of England Governor, Andrew Bailey hinted that UK interest\nrates may have to rise but gave no indication of when the Bank might increase\nrates. Mr Bailey said surging energy prices are another\nsignal that the Bank will \u201chave to act.\u201d<\/em> The next rate setting Monetary\nPolicy Committee (MPC) meeting is scheduled for 4 November. <\/p>\n<\/div>\n\n

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Office\nfor National Statistics (ONS) figures released first thing on Wednesday morning\nshow that the Consumer Prices Index (CPI) rose by 3.1% in the 12 months to\nSeptember 2021.<\/p>\n<\/div>\n\n

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UK economy grows on dining out and camping <\/strong><\/strong><\/p>\n<\/div>\n\n

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August saw people taking advantage of the first full month of COVID\nfreedoms, boosting the UK economy by 0.4%. This is according to ONS figures\nreleased last week, which revealed that the service sector made the most\nsignificant contribution to economic growth, growing by 9%, while activity in\nhotels and campsites grew by 22.9%.<\/p>\n<\/div>\n\n

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Growth, however, continues to be underscored by concerns about ongoing\nsupply chain disruption and labour shortages. Darren Morgan, Director for\nEconomic Statistics at the ONS, commented, \u201cThe economy picked up in August\nas bars, restaurants and festivals benefited from the first full month without\nCOVID-19 restrictions in England. However, later and slightly weaker data from\na number of industries now mean we estimate the economy fell a little overall\nin July.\u201d<\/em> <\/p>\n<\/div>\n\n

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Global\nInvestment Summit <\/strong><\/p>\n<\/div>\n\n

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The UK\u2019s\nGlobal Investment Summit began on Tuesday at London\u2019s Science Museum, with the\nPrime Minister announcing 18 new trade and investment deals worth \u00a39.7bn, which\nwill support green growth and create an estimated 30,000 UK jobs. One such deal\nsees the UK government partnering with Bill Gates in new technology to reduce emissions. <\/em>Boris Johnson said, \u201cThis is just the start. We will see\nnew partnerships for green growth forged at today\u2019s Global Investment Summit,\nas we look ahead to COP26 and beyond.\u201d<\/em> <\/em><\/p>\n<\/div>\n\n

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Market update<\/strong><\/p>\n<\/div>\n\n

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With commodity issues weighing on global markets,\ninvestors continue to anticipate inflationary pressures, amid labour shortages\nand supply chain issues. As speculation intensified around the chances of a\npotential UK interest rate hike, the FTSE 100 and 250 drifted lower on Monday,\nbut repaired any losses on Tuesday as investors digested signs of a robust start to\nthe latest earnings season.<\/p>\n<\/div>\n\n

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National Bureau of Statistics figures released on\nMonday, show that during Q3, China\u2019s economy expanded by 4.9%, the nation\u2019s\nweakest pace since Q3 2020. Significantly slower than the 7.9% rise in Q3, and\nbelow analyst expectations of a GDP 5.2% increase. The weak expansion news sent\nAsian stock markets momentarily lower as concerns about the world economic\nrecovery returned to the fore.<\/p>\n<\/div>\n\n

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

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Financial advice is key, so please\ndo not hesitate to get in contact with any questions or concerns you may have.<\/p>\n<\/div>\n\n

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

\u2018Global cooperation is key to addressing our shared challenges as we emerge from the pandemic\u2019 Chancellor Rishi Sunak stressed the importance of nations working together to tackle supply chain issues at a meeting of G7 (Group of Seven) nations in Washington last week. The meeting of finance ministers and central bank governors discussed the importance […]<\/p>\n","protected":false},"author":12,"featured_media":2405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,112],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2404"}],"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=2404"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2404\/revisions"}],"predecessor-version":[{"id":2406,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2404\/revisions\/2406"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/2405"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=2404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=2404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=2404"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=2404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}